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: 8% Expected return on plan assets 10% Service Cost $200,000 January 1: PBO $1,400,000 Plan Assets $1,500,000 Amortization of prior service cost $20,000 Amortization of net gain $4000 December 31: Cash Contributions to pension fund: $178,000 Benefit payments to retirees: $240,000 1. Determine pension expense for the year. 2. Prepare the journal entry to record pension expense.
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