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The following information is available for the pension plan of Radcliffe Company for the year...

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Accounting

The following information is available for the pension plan of Radcliffe Company for the year 2014.

Actual and expected return on plan assets $ 15,000

Benefits paid to retirees 40,000

Contributions (funding) 90,000

Interest/discount rate 10 %

Prior service cost amortization 8,000

Projected benefit obligation, January 1, 2014 500,000

Service cost 60,000

Instructions:

Compute pension expense for the year 2014.

Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2014.

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