The following facts apply to the pension plan of Boudreau Inc. for the year 2014.

Plan assets, January 1, 2014      $490,000

Projected benefit obligation, January 1, 2014      $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 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2014 and the year-end balances in the related pension accounts.

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