On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit pension...
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On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit pension plan: Defined benefit obligation...... Fair value of plan assets..... $1,600,000 .. 1,600,000 Other data related to the pension plan for calendar 2020 are: Current service cost.......... Contributions to the plan Benefits paid.......... Actual return on plan assets.. Interest (discount) rate...... Instructions .... 70,000 102,000 100,000 96,000 9% a. Calculate the defined benefit obligation at December 31, 2020. b. Calculate the fair value of plan assets at December 31, 2020. c. Calculate pension expense for 2020. d. Prepare the journal entries to record the pension expense and the contributions for 2020. On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit pension plan: Defined benefit obligation...... Fair value of plan assets..... $1,600,000 .. 1,600,000 Other data related to the pension plan for calendar 2020 are: Current service cost.......... Contributions to the plan Benefits paid.......... Actual return on plan assets.. Interest (discount) rate...... Instructions .... 70,000 102,000 100,000 96,000 9% a. Calculate the defined benefit obligation at December 31, 2020. b. Calculate the fair value of plan assets at December 31, 2020. c. Calculate pension expense for 2020. d. Prepare the journal entries to record the pension expense and the contributions for 2020.
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