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just the missing right answer please Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the 20X2 fiscal year.
just the missing right answer please
Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the 20X2 fiscal year. Long-term corporate borrowing rates for companies with this risk profile are 4%. Information with respect to the pension plan is as follows: Current service cost for 20X2 $ 188,200 Fair value of plan assets, 31 December 20X1 2,001,000 Benefits paid to retirees during 20X2 227, 900 Funding payment at 1 February 20X2 429,000 Defined benefit obligation, 31 December 20X1 3,000,000 Past service cost from amendment dated 31 December 20X2; liability is reduced because benefits were reduced (123,000) Actuarial revaluation dated 31 December 20X2; liability is increased because of changed salary increase assumptions 375, 200 Actual return on plan assets for 20x2 (loss) (111,300) Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20X1. Answer is complete and correct. Net defined benefit pension liability, 31 December 20X1 S 999,000 2. Calculate the net defined benefit pension liability as of 31 December 20X2 by calculating the defined benefit obligation and the fair value of plan assets at 31 December 20X2. Answer is not complete. Defined benefit obligation, 31 December 20X2 $ 3,000,000 Fair value of plan assets 31 December 20X2 Net defined benefit pension liability, 31 December 20X2 IS 3,000,000 3. Analyze the three elements of pension accounting for 20X2: service cost, net interest, and remeasurements. Prepare entries, and also an entry for the contribution to the fund during 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) X Answer is not complete. No Transaction General Journal Debit Credit 1 1 Pension expense Net defined benefit asset/liability 65,200 65,200 2 2 Interest expense Net defined benefit asset/liability 26,202 % 3 3 OCI > 22,061 Net defined benefit asset/liability 4 4. OCI (Revaluation) Net defined benefit asset/liability 375,200 375 200 5 5 Net defined benefit asset/liability Cash 429 000 429,000Step by Step Solution
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