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The following information is available for the pension plan

Problem - The following information is available for the pension plan of Brady Company for the year 2010 Actual an expected return on plant assets $15000

Benefits paid to retirees 40000

contribution (funding)90000

interest/discount rate 10%

prior service cost amortization 8000

projected benefit obligation Jan 012010 500000

Service cost 60000

A. Compute pension expense for the year 2010.

B. Prepare the journal entry to record pension expense and the employer contribution to the pension plan.

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Accounting Basics: The following information is available for the pension plan

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