3. The following information is available for the Pension Plan of Robinson Company for the 2016 Calendar Year: Actual and expected return on plan assets for 2016 $12,000
| 3. The following information is available for the Pension Plan of Robinson Company for the 2016 Calendar Year: | ||||||||||||
| Actual and expected return on plan assets for 2016 | $12,000 | |||||||||||
| Benefits paid to retirees | $40,000 | |||||||||||
| Contributions to the fund made by the Company | $90,000 | |||||||||||
| Prior service cost amortization | $10,000 | |||||||||||
| Projected benefit obligation, January 1, 2016 | ####### | |||||||||||
| Interest/discount rate | 10% | |||||||||||
| Service cost | $60,000 | |||||||||||
| Calculate the pension expense for 2016 for the Robinson Company. Show your calculation in a tabular format below. | ||||||||||||
| Record the journal entry to record the pension expense for 2016 based upon the information you are provided above. | ||||||||||||
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