The following information is available for the pension plan of Radcliffe Company for the year 2014.12/10/2015 The following information is available for the pension plan of Radcliffe Company for the year 2014.
Actual and expected return on plan assets ...... $ 15,000 Benefits paid to retirees ............. 40,000 Contributions (funding) ............. 90,000 Interest/discount rate ............... 10% Prior service cost amortization ........... 8,000 Projected benefit obligation, January 1, 2014 ..... 500,000 Service cost .................. 60,000 Instructions (a) Compute pension expense for the year 2014. (b) Prepare the journal entry to record pension expense and the employer contribution to the pension plan in 2014.
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