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Pension data for Goldman Company included the following for the current calendar year: Service cost $140,000 PBO, January 1 650,000 Plan assets, January 1 700,000
Pension data for Goldman Company included the following for the current calendar year: Service cost $140,000 PBO, January 1 650,000 Plan assets, January 1 700,000 Amortization of prior service cost 5,000 Amortization of net loss 1,000 Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 10% Required: Determine pension expense for the year.
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