Q Joan Inc Started Pension Plan January 1 2014 Date Prior Service Cost 1 100 000 Granted E Q17794660

Q. Joan Inc. started a pension plan on January1, 2014. At that date, prior service cost of $1,100,000 was grantedto employees. At December 31, 2014, the following information wasavailable:
Service cost for2014                                                                                         $90,000
Fair value of plan assets $ 225,500
Projected benefit obligation $ 1, 278,000
Employer contribution for 2014 (at 12/31)$225,500              
Expected assets return rate 7 %
Discountedrate:                                                                                                 8 %
Average remaining service life 16 years
Required:
Compute the pension expense for 2014
Prepare appropriate journal entries for 2014
 
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