Question: George Corporation has a defined benefit pension plan for its employees. The following information is available for 2014:
Required: 1. What was the January 1, 2014, fair value of the plan assets?
2. What is the expected dollar return on plan assets for 2014?
3. What amount of pension expense should George report for the year ended December 31, 2014?
4. What was the dollar amount of return (loss) on plan assets that was deferred during 2014?
5. Prepare the journal entries to record pension expense, the contribution, and the deferred return (loss).