Using the data above, compute pension expense for Dade Shutter for the year 2007 by preparing a pension worksheet
E20-10B (Pension Worksheet with Reconciliation Schedule) Dade Shutters Inc. sponsors a defined benefit;pension plan for its employees. On January 1, 2007, the following balances relate to this plan.;Plan assets $1,650,000;Projected benefit obligation 1,960,000;Pension liability 310,000;Prior service cost 240,000;As a result of the operation of the plan during 2007, the following additional data are provided by the;actuary.;Service cost for 2007 $133,000;Settlement rate, 6%;Actual return on plan assets in 2007 108,000;Amortization of prior service cost 24,000;Expected return on plan assets 160,000;Unexpected gain from change in projected benefit obligation;due to change in actuarial predictions 211,000;Contributions in 2007 143,000;Benefits paid retirees in 2007 178,000;Instructions;(a) Using the data above, compute pension expense for Dade Shutter for the year 2007 by preparing;a pension worksheet.;(b) Prepare the journal entry for pension expense for 2007.
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