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Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2024, Abbott and Abbott received the following information: Projected Benefit Obligation ($

Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2024, Abbott and Abbott received the following information:

Projected Benefit Obligation ($ in millions)
Balance, January 1 $ 100
Service cost 27
Interest cost 11
Benefits paid (10)
Balance, December 31 $ 128
Plan Assets
Balance, January 1 $ 100
Actual return on plan assets 13
Contributions 2021 27
Benefits paid (10)
Balance, December 31 $ 130

The expected long-term rate of return on plan assets was 8%. There was no prior service cost and a negligible net lossAOCI on January 1, 2024.

Required:

Determine Abbott and Abbotts pension expense for 2024.

Prepare the journal entries to record Abbott and Abbotts (a) pension expense, (b) funding, and (c) payment for 2024.

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