The following facts apply to the pension plan of Carla Inc. for the year 2020.
Plan assets, January 1, 2020 $470,900
Projected benefit obligation, January 1, 2020 470,900
Settlement rate 8 % Service cost 38,500
Contributions (funding) 24,300
Actual and expected return on plan assets 46,800
Benefits paid to retirees 34,700
Required:
Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts.
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The following facts apply to the pension plan of Carla Inc. for the year 2020.
Plan assets, January...
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