Q. Joan Inc. started a pension plan on January 1, 2014. At that date, prior...
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Q. Joan Inc. started a pension plan on January 1, 2014. At that date, prior service cost of $1,100,000 was granted to employees. At December 31, 2014, the following information was available:
Service cost for 2014 $90,000
Fair value of plan assets $ 225,500
Projected benefit obligation $ 1, 278,000
Employer contribution for 2014 (at 12/31) $225,500
Expected assets return rate 7 %
Discounted rate: 8 %
Average remaining service life 16 years
Required:
Compute the pension expense for 2014
Prepare appropriate journal entries for 2014
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