Question: Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan. Plan assets $480,000

Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.

Plan assets $480,000
Projected benefit obligation 600,000
Pension asset/liability 120,000
Accumulated OCI (PSC) 100,000

As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.

Webb Corp. sponsors a defined benefit pension plan for its employees. On

Instructions
(a) Using the data above, compute pension expense for Webb Corp. for the year 2012 by preparing a pension worksheet.
(b) Prepare the journal entry for pension expense for 2012.

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