On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2
On January 1, 2020, McGee Co. had the following balances:
Projected benefit obligation $6,400,000
Fair value of plan assets 6,000,000
Other data related to the pension plan for 2020:
contributions to the plan 400,000
Benefits paid 350,000
On 1/1/2020, prior service cost was granted having
a present value of 150,000
Actual return on plan assets 430,000
Settlement rate 9%
Expected
Amortized Prior Service cost 40,000
Amortization of net gain 50,000
Service cost 250,000
In the journal to record pension expense, the Pension Asset/Liability account is credited for
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