Business, 10.08.2021 01:50 photon22

On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation $4500000
Fair value of plan assets 3900000

The settlement rate is 10%. Other data related to the pension plan for 2021 are:

Service cost $309000
Amortization of prior service costs 66500
Contributions 349000
Benefits paid 324000
Actual return on plan assets 341000
Amortization of net gain 22900

Required:
a. Calculate pension expense for 2021.
b. Prepare the journal entry to record pension expense and the contributions for 2021.

Answers: 3

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On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation $4500000...

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