Solution for QID #787: The following facts apply to the pension plan of Boudreau In | StudyHelpMe

The following facts apply to the pension plan of Boudreau Inc. for the year 2014.Plan assets, January 1, 2014$490,000Projected benefit obligation, January 1, 2014490,000Settlement rate8%Service cost40,000Contributions (funding)25,000Actual and expected return on plan assets49,700Benefits paid to retirees33,400Using the preceding data, compute pension expense for the year 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2014 and the year-end balances in the related pension accounts.BOUDREAU INC.Pension Worksheet—2014General Journal EntriesMemo RecordItemsAnnual PensionExpenseCashPension Asset/LiabilityProjected BenefitObligationPlanAssetsBalance, January 1, 2014$ Dr.Cr.$ Dr.Cr.$ Dr.Cr.$ Dr.Cr.$ Dr.Cr.Service cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr.Interest cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr.Actual return Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr.Contributions Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr.Benefits Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr.Journal entry, December 31$ Dr.Cr.$ Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr.Balance, December 31, 2014$ Dr.Cr.$ Dr.Cr.$ Dr.Cr.