Computation of Pension Cost and Journal Entries
The accountants for Eden Financial Services provide you with the following detailed information at December 31, 2008. Based on these data, prepare the journal entries related to the accrual and funding of pension expense for 2008.
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Service cost
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$ 52,000
|
|
Actual return on pension plan assets
|
81,000
|
|
Interest cost
|
59,000
|
|
Excess of expected return over actual return on pension plan assets
|
15,000
|
|
Amortization of deferred pension loss from prior years
|
24,000
|
|
Amortization of prior service cost
|
36,000
|
|
Contribution to pension fund
|
100,000
|