The following facts apply to the pension plan of Boudreau Inc. for the year 2014.
Plan assets, January 1, 2014      $490,000
Projected benefit obligation, January 1, 2014      $490,000
Settlement rate     8 %
Service cost      $40,000
Contributions (funding)      $25,000
Actual and expected return on plan assets      $49,700
Benefits paid to retirees      $33,400
 
Using 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.
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pension worksheet

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