Problem - The following information is available for the pension plan of Brady Company for the year 2010 Actual an expected return on plant assets $15000
Benefits paid to retirees 40000
contribution (funding)90000
interest/discount rate 10%
prior service cost amortization 8000
projected benefit obligation Jan 012010 500000
Service cost 60000
A. Compute pension expense for the year 2010.
B. Prepare the journal entry to record pension expense and the employer contribution to the pension plan.