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I can't figure out the plan assets or the PBO but I know the planned assets are supposed to be a debit and the PBO
I can't figure out the plan assets or the PBO but I know the planned assets are supposed to be a debit and the PBO is supposed to be a credit
5 9 points Pension data for the Ben Franklin Company include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $210,000 January 11 PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,410,000 1,010,000 1,510,000 21,000 4,100 $ 221,000 241,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record pension expense and funding for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Credit 1 1 Debit 186,700 4,100 Pension expense Amortization of net gain - OCI Plan assets Amortization of prior service cost - OCI PBO OOOOO 169,800 21,000 2 2 221,000 Plan assets Cash olo 221,000Step by Step Solution
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