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I need answers please Scenario 4 A&A has a noncontributory, defined benefit pension plan. On December 31, 2021, A&A received the following information Projected Benefit
I need answers please
Scenario 4 A&A has a noncontributory, defined benefit pension plan. On December 31, 2021, A&A received the following information Projected Benefit Obligations (S in millions) Balance, January 1 S120 Service Cost 20 Interest Cost 12 Benefits paid Balance, December 31 $143 Plan Assets Balance, January 1 580 (9) 3 Actual Return on plan assets Contributions 202120 Benefits paid Balance, December 31 20 (9) $100 The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible loss-AOCI on January 1, 2021. You are required to 1. Determine A&A's pension expense for 2021 2. Prepare journal entries to record pension expenses, funding, and payment for 2021 Step by Step Solution
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