Exercise 20-1 The following information is available for the pension plan of San

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Exercise 20-1 The following information is available for the pension plan of Sandhill Company for the year 2017 Actual and expected return on plan assets Benefits paid to retirees Contributions(funding) Interestidiscount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 15,300 41,500 88,100 7,700 496,000 54,500 Compute pension expense for the year 2017 Pension expense for 2017 VIDEO SIMELAR EKRCISE Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Accoant Titles and Explanatiun By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Pollky set by your instructor. Question Attempts: Unlimited SAVE FOR LATER

Explanation / Answer

Service cost 54,500 interest cost (496,000*10%) 49600 actual(expected)return on plan assets -15,300 Unrecognized prior service cost amortization 7,700 Pension expense for 2012 96,500 Account titles & Explanations Debit Credit pension expense 96,500 cash 88,100 pension asset/liability 700 other comprehensive income(PSC) 7,700

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