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Rev Corporation has a defined benefit pension plan. On December 31, 2016, they reported the following pension related data.
Rev Corporation has a defined benefit pension plan. On December 31, 2016, they reported the following pension related data.
Projected Benefit Obligation
Balance, January 1, 2016 960
Service Cost 164
Interest Cost 48
Gain due to actuarial assumptions (20)
Pension benefits paid (80)
Plan Assets
Balance, January 1, 2016 1,000
Actual Return on Plan Assets 80
(Expected Return on Plan Assets) (90)
Cash Contributions 140
Pension benefits paid (80)
January 1 2016 Balances
Prior Service Cost (amortization $16 a year), 96
Net Gain (any amortization over 15 years) 160
Please prepare the journal entries to record pension funding and the payment of benefits for 2016. Then prepare the journal entries to record any 2016 gains and losses. Then determine the net pension asset or liability at December 31, 2016.
