Question: Pension data for Southeast Financial Services, Inc. include the following: Discount rate, 8% Expected return on plan assets, 11% Actual return on plan assets, 10%

  1. Pension data for Southeast Financial Services, Inc. include the following:

Discount rate, 8%

Expected return on plan assets, 11%

Actual return on plan assets, 10%

Service cost, year1

$330

Janauary 1, year 1:

Projected benefit obligation

2448

Accumulated benefit obligation

2129

Plan assets (fair value)

2555

Prior service cost-AOCI(year1 amortization, $27)

346

Net gain --AOCI (year1 amortization, $6)

351

There were no changes in actuarial assumptions

December 31, year 1:

Cash contributions to pension fund, December 31, year1

261

Benefit payment to retirees, December 31, year 1

287

Required:

Determine pension expense for year 1.

Prepare all journal entries on December 31, year 1.

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