The following information is available for the pension plan of Radcliffe Company for the year 2014.
Actual and expected return on plan assets $ 18,630
Benefits paid to retirees 41,410
Contributions (funding) 90,190
Interest/discount rate 11 %
Prior service cost amortization 9,090
Projected benefit obligation, January 1, 2014 553,300
Service cost 68,120
a. Compute pension expense for the year 2014.
b. Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2014.