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I need help with part B Prepare any journal entries related to the pension plan that would be needed at De member 31, 2020. Please
I need help with part B
Prepare any journal entries related to the pension plan that would be needed at De member 31, 2020.
Please see below
Kingbird Co. has the following defined benefit pension plan balances on January 1, 2020. The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $603,000 are created. Other data related to the pension plan are: KINGBIRD COMPANY Prepare any journal entries related to the pension plan that would be needed at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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