Question - The following information is provided regarding a company's pension plan:
Service Cost $640,000
Projected benefit obligation, Jan 1 4,500,000
Fair Value plan assets, Jan 1 3,750,000
Amortization of unrecognized prior service cost for the year 250,000
Interest cost 8%
Employer contribution to fund 845,000
expected (and actual) return on plan assets 10%
Required: Prepare the Dec. 31 journal entry to record pension expense.