Plan assets $430,000
Projected benefit obligation 320,000
U.S.M.'s actuary determined that 2016 service cost is $63,000. Both the expected and actual rate of return on plan assets are 10%. The interest (discount) rate is 5%. U.S.M. contributed $123,000 to the pension fund at the end of 2016, and retirees were paid $47,000 from plan assets. (Enter you answers in millions (i.e., 10,000,000 should be entered as 10).)
Required:
Determine the following amounts at the end of 2016.
Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments