Pension data for the Ben Franklin Company include the following for the current calendar year:...
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Accounting
Pension data for the Ben Franklin Company include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $140,000 January 1: PBO $ 1,340,000 ABO 940,000 Plan assets 1,440,000 Amortization of prior service cost 14,000 Amortization of net gain 3,400 December 31: Cash contributions to pension fund $ 214,000 Benefit payments to retirees 234,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.
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