At January 1, 2019, Uddin Company had plan assets of $250,000 and a defined benefit obligation of the same amount During 2019, service cost was $27,500, the discount rate was 10 , actual return on plan assets was $25,000, contributions were $20,000, and benefits paid were $17,500 Prepare a pension ...

General Journal Entries Memo Record Items Pension Expense Cash Pension Asset Liabi ...

At January 1, 2019, Uddin Company had plan assets of $250,000 and a defined benefit obligation of

Question:

At January 1, 2019, Uddin Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2019, service cost was $27,500, the was 10%, actual return on plan assets was $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Uddin Company for 2019.
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...