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Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related
Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss $269,400 334,400 65,000 Cr. 89,600 39,700 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $44,500 Actual return on plan assets 26,900 Amortization of prior service cost 12,000 Contributions 64,400 Benefits paid retirees 41,400 Settlement rate 7 % Expected return on plan assets Average remaining service life of active employees 8 % 10 years Balance, Jan. 1, 2021 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 CA Accumulated OI, Dec. 31, 2020 Balance, Dec. 31, 2021 Annual Pension Expense $ > +A $ Cash > > > > +A $ > > > >
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