The following facts apply to the pension plan of Boudreau Inc. for the year 2020.
Plan assets,...
The following facts apply to the pension plan of Boudreau Inc. for the year 2020.
Plan assets, January 1, 2020 $490,000
Projected benefit obligation, January 1, 2020 490,000
Settlement rate 8%
Service cost 40,000
Contributions (funding) 25,000
Actual and expected return on plan assets 49,700
Benefits paid to retirees 33,400
Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts.
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