Business, 30.03.2021 18:30, travis770

The following information is available for the pension plan of Swifty Company for the year 2020. Actual and expected return on plan assets $15,600
Benefits paid to retirees 41,300
Contributions (funding) 90,700
Interest/discount rate 10%
Prior service cost amortization 8,700
Projected benefit obligation, January 1, 2020 534,000
Service cost 57,200

Required:
a. Compute pension expense for the year 2020.
b. Prepare the journal entries to record pension expense and the employer's contribution to the pension plan in 2020.

Answers: 3

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The following information is available for the pension plan of Swifty Company for the year 2020. Ac...