Western Zoo Corporation sponsors a defined-benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2014 in which no benefits were paid. 1.The actuarial present value of future benefits earned by employees for services rendered in 2014 amounted to $186,000. 2.The companys funding policy requires a contribution to the pension trustee amounting to $95,000 for 2014. 3.As of January 1, 2014, the company had a projected benefit obligation of $2,400,000, an accumulated benefit obligation of $2,000,000, and accumulated OCI (PSC) of $900,000. The fair value of pension plan assets amounted to $1,500,000 at the beginning of the year. The market-related asset value was equal to $1,500,000. The actual and expected return on plan assets was $90,000. The settlement rate was 8%. No gains or losses occurred in 2014 and $50,000 of benefits was paid. 4.Amortization of prior service cost was $45,000 in 2014. Amortization of net gain or loss was not required in 2014.Instructions(a)Determine the amounts of the components of pension expense that should be recognized by the company in 2014.(b)Prepare the journal entry or entries to record pension expense and the employers contribution to the pension trustee in 2014.
“I’m trying to write my paper and I’m stuck. Can you help me?”
Yes, we can help you achieve academic success without the uncessary stress of deadlines.
Our reliable essay writing service is a great opportunity for you to save your time and receive the best paper ever.
Western Zoo corporation
Plagiarism-free and delivered on time!
We are passionate about delivering quality essays.
Our writers know how to write on any topic and subject area while meeting all of your specific requirements.
Unlike most other services, we will do a free revision if you need us to make corrections even after delivery.