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Hi can i get help from this please? Rollo Company maintains a defined benefit pension plan with First Cranston Trust. Below are the balances reported
Hi can i get help from this please?
Rollo Company maintains a defined benefit pension plan with First Cranston Trust. Below are the balances reported by First Cranston on January 1, 2020. \begin{tabular}{|l|l} \hline Planned Benefit Obligation & $675,000 \\ \hline Plan Assets & $650,000 \end{tabular} At the beginning of 2020, First Cranston Trust informed Rolls that due to amending the program for prior service for new employees, they need to deposit $200,000. Other matters for 2020 were: The settlement rate is 10%. Current service cost is $50,000. Expected earnings are 10% on beginning of the year Plan Assets. Actual earnings are $72,000. Prior service cost amortization is $25,000. First Cranston Trust paid retirement benefits of $35,000. Rollo funded the plan $130,000. Assuming a beginning debit balance of $320,000 in OCI Prior Service Costs and a beginning debit balance of $45,000 in OCl Other Gains and Losses, prepare a pension worksheet below: b. Prepare the pension journal entry for the year. Dr. Cr Step by Step Solution
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