Question: I need help with this question please. Thank you! 15ABC Corporation provides a defined benefit pension plan for its employees.A combination adjusting entry should be

I need help with this question please. Thank you!

15ABC Corporation provides a defined benefit pension plan for its employees.A combination adjusting entry should be made to correctly account for this type of pension

plan given the following items of information for the 2014 plan year, including the recording of pension expense and the employer's contribution to the pension plan in 2014.

Note: Use the summary entry method as demonstrated and discussed in the chapter lectures on pension accounting to prepare the adjusting entry.

Pension asset/liability (January 1)$0

Actual return on plan assets$40,000

Expected return on plan assets$20,000

Contributions (funding) in 2014$37,000

Fair value of plan assets (December 31)$75,000

Settlement rate10%

Projected benefit obligation (January 1)$0

Service cost$60,000

Benefits paid in 2014$0

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