Big City provides a defined benefit pension plan for employees of the city water department, an enterprise fund. Assume that the service cost component is $420,000, and interest on the pension liability is $380,000 for the year. Actual returns on plan assets for the year were $300,000 while the projected level of earnings on plan investments was $360,000. This difference is to be amortized over a 5 year period, beginning this year. Finally assume the City is amortizing a deferred inflow resulting from a change in plan assumptions from a prior year in the amount of $10,000 per year. Prepare journal entries to record annual pension expense for the enterprise fund.
https://gradehunters.net/wp-content/uploads/2021/04/logo-300x60.png 0 0 paul https://gradehunters.net/wp-content/uploads/2021/04/logo-300x60.png paul2022-06-24 07:46:512022-06-24 07:46:51Pension benefit journal entries