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On December 31, Year 3, Robey Company accumulated the following information for Year 3 in regard to its defined benefit pension plan: Service cost
On December 31, Year 3, Robey Company accumulated the following information for Year 3 in regard to its defined benefit pension plan: Service cost $113,230 Interest cost on projected benefit obligation 11,970 Expected return on plan assets Amortization of prior service cost 11,600 2,020 On its December 31, Year 2, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $12,880. Required: 1. Compute the amount of Robey's pension cost for Year 3. 2. Prepare all the journal entries related to Robey's pension plan for Year 3 if it funds the pension plan in the amount of (a) $115,620, (b) $114,620, and (c) $119,430. 3. Next Level Assuming Robey's beginning Year 3 Accumulated Other Comprehensive Income: Prior Service Cost balance was $60,150 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for Year 3 in order to report an accrued/ prepaid pension cost asset of $5,120 at the end of Year 3?
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