U.S.M's actuary determined that 2024 service cost is $61,000. Both the expected and actual rate...
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U.S.M's actuary determined that 2024 service cost is $61,000. Both the expected and actual rate of return on plan assets are 10%. The interest (discount) rate is 6%. U.S.M. contributed $121,000 to the pension fund ot the end of 2024, and retirees were paid $45,000 from plan ossets. Required: 1. What is the pension expense at the end of 2024 ? 2. What is the projected benefit obligation at the end of 2024 ? 3. What is the plan assets balance ot the end of 2024 ? 4. What is the net pension asset or net pension liability at the end of 2024 ? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan ossets, and (c) retiree benefit payments
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