The following information is available for the pension plan of Sunland Company for the year 2020.Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10%Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts.)Account Titles and ExplanationDebitCredit Your answer is correct.Compute pension expense for the year 2020.Pension expense for 2020$4102600%24

Total pension expenses include service cost, interest cost, actual return on plan assets, and…

The following information is available for the pension plan of Sunland Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900

The following information is available for the pension plan of Sunland Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4MC

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Actual and expected return on plan assets	$ 14,700
Benefits paid to retirees	40,800
Contributions (funding)	81,100
Interest/discount rate	10	%
Prior service cost amortization	7,600
Projected benefit obligation, January 1, 2020	458,000
Service cost	63,900