(Pension Expense, Journal Entries) The following information is available for the pension plan of Radcliffe Company for the year 2012.
|
Actual and expected return on plan assets |
$ 15,000 |
|
Benefits paid to retirees |
40,000 |
|
Contributions (funding) |
90,000 |
|
Interest/discount rate |
10% |
|
Prior service cost amortization |
8,000 |
|
Projected benefit obligation, January 1, 2012 |
500,000 |
|
Service cost |
60,000 |
Instructions
Compute the pension expense for the year 2012.