E20-4b (basic pension worksheet) the following facts apply to the

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E20-4B (Basic Pension Worksheet) The following facts apply to the pension plan of I-Pass Corporation for the year 2014.

Plan assets, January 1, 2014                                           $950,000

Projected benefit obligation, January 1, 2014                 950,000

Settlement rate                                                                              6%

Service cost                                                                             75,000

Contributions (funding)                                                         10,000

Actual and expected return on plan assets                      40,600

Benefits paid to retirees                                                       42,200


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.