Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of ($ 5,000) and

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Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of \(\$ 5,000\) and \(\$ 4,800\) in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred \(\$ 1,000\) in service cost, made plan contributions of \(\$ 210\), and paid benefits to retirees for \(\$ 150\). The discount rate is \(9 \%\) and the expected and actual rate of return on plan assets is \(10 \%\). Prepare a pension worksheet for 2020.

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Intermediate Accounting Volume 2

ISBN: 9781618533135

2nd Edition

Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo

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