Colombo Enterprises has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $78,000; service cost, $17,000; interest cost, $6,400; benefits paid for the year, $8,500; ending PBO, $92,900; and the expected return on plan assets, $11,000. There were no other pension-related costs. The journal entry to record the annual pension costs will include a debit to pension expense for:
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Home » Business » Colombo Enterprises has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $78,000; service cost, $17,000; interest cost, $6,400; benefits paid for the year, $8,500;