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Lesagna Corporation has a defined benefit pennon plan. Lasagna received the following information for the current calendar year 2016: The expected long-term return on plan
Lesagna Corporation has a defined benefit pennon plan. Lasagna received the following information for the current calendar year 2016: The expected long-term return on plan assets is 10% Plan administration fees totaled $2,000,000 for the year The company had an accumulated net loss (AOCI) of $30 million at January 1 The average remaining service period of current employees was determined to the 20 years Determine Lasagna Corporation's pension expense for the year. Prepare the journal entries to recognize the following: Recognize pension expense Record the funding of plan assets Record the payment of benefits What amount w ill lasagna report on its balance sheet related to the pension plan? You will need to indicate the proper account and proper amount
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