3. The following information is available for the Pension Plan of 123 Company for the 2016 Calendar Year:
Actual and expected return on plan assets for 2016 $12,000
Benefits paid to retirees $40,000
Contributions to the fund made by the Company $90,000
Prior service cost amortization $10,000
Projected benefit obligation, January 1, 2016 $500,000
Interest/discount rate 10% Service cost $60,000
Calculate the pension expense for 2016 for the 123 Company. Show your calculation in a tabular format below.
?Record the journal entry to record the pension expense for 2016 based upon the information you are provided above.
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