Question 1
The following information is available for the pension plan of Radcliffe Company for the year 2014.
Actual and expected return on plan assets
Benefits paid to retirees
Contributions (funding)
Interest/discount rate
Prior service cost amortization
Projected benefit obligation, January 1, 2014
Service cost
Compute pension expense for the year 2014.
Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2014.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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