measuring and recording pension expense

Project Description:

kessler, inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended december 31, 2013:
january 1, 2013 december 31, 2013
projected benefit obligation $2,500,000 $2,850,000
fair value of plan assets 1,250,000 1,600,000
accumulated benefit obligation 1,930,000 2,620,000
accumulated oci – (psc) 540,000 300,000

the service cost component for 2013 is $120,000 and the amortization of prior service cost is $240,000. the company's actual funding of the plan in 2013 amounted to $490,000. the expected return on plan assets and the settlement rate were both 8%.

instructions
(a) determine the pension expense to be reported in 2013.
(b) prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2013.
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Price Type: Negotiable

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