Olean sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2020.
Actual return on plan assets $400
Projected benefit obligation (beginning of year) 5,600
Market-related and fair value of plan assets (beginning of year) 3,600
The expected return on plan assets was 10% and the settlement rate was 6%. The journal entry to record the unexpected gains/losses in asset returns is:
Get Answers For Free
Most questions answered within 1 hours.