On January 1, 2021, Pharoah Co. had the following balances: Projected benefit obligation $7,460,000 Fair value of plan assets 7,460,000 Other data related to the pension plan for 2021: Service cost 321,000 Contributions to the plan 465,000 Benefits paid 456,000 Actual return on plan assets 474,000 Settlement rate 9% Expected rate of return 6% Determine the projected benefit obligation at December 31, 2021. There are no net gains or losses. Projected benefit obligation $ 8083600 Determine the fair value of plan assets at December 31, 2021. Calculate pension expense for 2021. Prepare the journal entry to record pension expense and the contributions for 2021.

Answer rating: 100% (QA)

Determination of projected benefit ... View the full answer