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Latoya Company provides the following selected information related to its defined benefit pension plan for 2012. Pension asset/liability (January 1) $25,000 Cr. Accumulated benefit obligation
Latoya Company provides the following selected information related to its defined benefit pension plan for 2012.
| Pension asset/liability (January 1) | $25,000 | Cr. | |
| Accumulated benefit obligation (December 31) | 400,000 | ||
| Actual and expected return on plan assets | 10,000 | ||
| Contributions (funding) in 2012 | 150,000 | ||
| Fair value of plan assets (December 31) | 800,000 | ||
| Settlement rate | 10 | % | |
| Projected benefit obligation (January 1) | 700,000 | ||
| Service cost | 80,000 |
(a) Compute pension expense for 2012.
Prepare the journal entry to record pension expense and the employer
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Securitization The Process Of Homogenizing Financial Instruments Into Fungible Securities So That They Are Sellable On The Securities Market
Authors: Jean B Keating
1st Edition
979-8859072613
