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Intermediate Accounting, 13th Edition, Kieso, Weygandt, and Warfield. I need answer for Chapter 20, Problem 7 (p20-7) Hanson Corp. sponsors a defined-benefit pension plan for
Intermediate Accounting, 13th Edition, Kieso, Weygandt, and Warfield. I need answer for Chapter 20, Problem 7 (p20-7) Hanson Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2010, the following balances related to this plan. Plan assets (market-related value) $520,000 Projected benefit obligation 700,000 Pension asset/liability 180,000 Cr. Prior service cost 81,000 Net gain or loss (debit) 91,000 As a result of the operation of the plan during 2010, the actuary provided the following additional data at December 31, 2010. Service cost for 2010 $108,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets in 2010 48,000 Amortization of prior service cost 25,000 Contributions in 2010 133,000 Benefits paid retirees in 2010 85,000 Average remaining service life of active employees 10 years Instructions: Using the preceding data, compute pension expense for Hanson Corp. for the year 2010 by preparing a pension worksheet that shows the journal entry for pension expense. Use the market-related asset value to compute the expected return and for corridor amortization
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