Question

Walker Company provides the following information related to its defined benefit pension plan for 2010.
Pension asset/liability (January 1)....................................$515,000 Cr.
Actual and expected return on plan assets.......................15,000
Contributions (funding) in 2010....................................150,000
Fair value of plan assets (December 31)........................350,000
Discount rate.......................................................................10%
Defined benefit obligation (January 1)..........................700,000
Service cost......................................................................90,000

Instructions
(a) Compute pension expense and prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2010.
(b) Prepare the schedule reconciling the plan’s funded status to amounts reported in the statement of financial position.



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  • CreatedJune 17, 2013
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