For 2017, Carson Majors Inc. had pension expense of $77 million and contributed $55 million to the pension fund. Which of the following is the journal entry that Carson Majors would make to record pension expense and funding?(a) Pension Expense 77,000,000Pension Asset/Liability 22,000,000Cash 55,000,000 (b) Pension Expense 77,000,000Pension Asset/Liability 22,000,000Cash 99,000,000 (c) Pension Expense 55,000,000Pension Asset/Liability 22,000,000Cash 77,000,000 (d) Pension Expense 22,000,000Pension Asset/Liability 55,000,000Cash 77,000,000

For 2017, Carson Majors Inc. had pension expense of $77 million and contributed $55 million to the pension fund. Which of the following is the journal entry that Carson Majors would make to record pension expense and funding?(a) Pension Expense 77,000,000Pension Asset/Liability 22,000,000Cash 55,000,000 (b) Pension Expense 77,000,000Pension Asset/Liability 22,000,000Cash 99,000,000 (c) Pension Expense 55,000,000Pension Asset/Liability 22,000,000Cash 77,000,000 (d) Pension Expense 22,000,000Pension Asset/Liability 55,000,000Cash 77,000,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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For 2020, Carson Majors Inc. had pension expense of $77 million and contributed $55 million to the pension fund. Which of the following is the journal entry that Carson Majors would make to record pension expense and funding? a. Pension Expense 77,000,000 00Pension Asset/Liability 22,000,000 00Cash 55,000,000 b. Pension Expense 77,000,000 Pension Asset/Liability 22,000,000 00Cash 99,000,000 c. Pension Expense 55,000,000 Pension Asset/Liability 22,000,000 00Cash 77,000,000 d. Pension Expense 22,000,000 Pension Asset/Liability 55,000,000 00Cash 77,000,000
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