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2020 records of Lexxus Company provided the following data related to its noncontributory defined benefit pension plan. begin{tabular}{|l|r|} hline multicolumn{1}{|c|}{ Account Balances } hline
2020 records of Lexxus Company provided the following data related to its noncontributory defined benefit pension plan. \begin{tabular}{|l|r|} \hline \multicolumn{1}{|c|}{ Account Balances } \\ \hline Projected Benefit Obligation \\ \hline Plan Assets \\ \hline Accumulated OCl-Prior Service Cost \\ \hline Accumulated OCl-Pension Gain/Loss \\ \hline \multicolumn{1}{|c|}{ Activity } & 2020 \\ \hline Service cost & $2,880 \\ \hline Interest cost & 576 \\ \hline Pension benefits paid & 960 \\ \hline Actual return on plan assets & 403 \\ \hline Contributions & 2,458 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Other } \\ \hline Expected rate of return on plan assets & 7% \\ \hline Discount rate & 8% \\ \hline \end{tabular} a. Compute 2020 net periodic pension expense reported by Lexxus. b. Prepare a 2020 reconciliation for (1) plan assets and (2) projected benefit obligation. c. Provide the 2020 entries for Lexxus Company to record pension expense, funding, and payment of benefits. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. d. Determine the plan's funded status at the beginning and end of 2020 . Note: Use a negative sign for a net pension liability. e. Indicate the amounts that would appear on the income statement and balance sheet in 2020 for Lexxus Company. Note: Do not use a negative sign with your answers. 2020 records of Lexxus Company provided the following data related to its noncontributory defined benefit pension plan. \begin{tabular}{|l|r|} \hline \multicolumn{1}{|c|}{ Account Balances } \\ \hline Projected Benefit Obligation \\ \hline Plan Assets \\ \hline Accumulated OCl-Prior Service Cost \\ \hline Accumulated OCl-Pension Gain/Loss \\ \hline \multicolumn{1}{|c|}{ Activity } & 2020 \\ \hline Service cost & $2,880 \\ \hline Interest cost & 576 \\ \hline Pension benefits paid & 960 \\ \hline Actual return on plan assets & 403 \\ \hline Contributions & 2,458 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Other } \\ \hline Expected rate of return on plan assets & 7% \\ \hline Discount rate & 8% \\ \hline \end{tabular} a. Compute 2020 net periodic pension expense reported by Lexxus. b. Prepare a 2020 reconciliation for (1) plan assets and (2) projected benefit obligation. c. Provide the 2020 entries for Lexxus Company to record pension expense, funding, and payment of benefits. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. d. Determine the plan's funded status at the beginning and end of 2020 . Note: Use a negative sign for a net pension liability. e. Indicate the amounts that would appear on the income statement and balance sheet in 2020 for Lexxus Company. Note: Do not use a negative sign with your answers
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