E20-10B (Pension Worksheet) Dade Shutters Inc. sponsors a for its employees.
On January 1, 2014, the following balances relate to this plan.
Plan assets $1,650,000
Projected benefit obligation 1,960,000
Pension liability 310,000
Prior service cost 240,000
As a result of the operation of the plan during 2014, the are provided by the actuary.
Service cost for 2014 $133,000
Settlement rate, 6%
Actual return on plan assets in 2014 108,000
Amortization of prior service cost 24,000
Expected return on plan assets 160,000
Unexpected gain from change in ,
due to change in actuarial predictions 211,000
Contributions in 2014 143,000
Benefits paid retirees in 2014 178,000
(a) Using the data above, compute pension expense for Dade Shutters for the year 2014 by preparing a pension worksheet.
(b) Prepare the journal entry for pension expense for 2014.
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