The following information is available for the pension plan of Radcliffe Company for the year 2014.
Actual and expected return on plan assets $ 15,000
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Actual and expected return on plan assets
|
$ 15,000
|
|
Benefits paid to retirees
|
40,000
|
|
Contributions (funding)
|
90,000
|
|
Interest/discount rate
|
10%
|
|
Prior service cost amortization
|
8,000
|
|
Projected benefit obligation, January 1, 2014
|
500,000
|
|
Service cost
|
60,000
|
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)