Q. Karen Company began a defined benefitpension plan on January 1, 2014. No prior service credit wasgranted to employees. Service costs amounted to $34,000 in 2014 and%37,000 in 2015. All contributions to the fund were made at the endof the year. A 10% discount rate was used. The expected (andactual) rate of return of plan assets was 12%.
Required:
Prepare journal entries for December 31, 2014 and 2015,assuming:
Funding equaled expense
$31,000 was funded each year
$38,000 was funded each year
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