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A company has a noncontributory, defined benefit pension plan. At December 31 of the current year, the company received the following information: The expected long-term
A company has a noncontributory, defined benefit pension plan. At December 31 of the current year, the company received the following information: The expected long-term rate of return on plan assets was 8%. There was no prior service cost and a negligible net loss-AOCl on January 1 of the current year Required: 1. Determine the company's pension expense for the current year. 2. Prepare the journal entries to record the company's (a) pension expense, (b) funding, and (c) payment for the current year: Determine the company's pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10 )
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