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Exercise 20-7 The following defined pension data of Novak Corp. apply to the year 2017 Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension
Exercise 20-7 The following defined pension data of Novak Corp. apply to the year 2017 Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Novak Corp., through plan amendment, $569,000 553,900 15,100 121,000 grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 896 63,400 62,400 52,700 38,400 16,200 For 2017, prepare a pension worksheet for Novak Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts (Enter all amounts as positive.)
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