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Pension data for Goldman Company included the following for the current calendar year: Service Cost $106,000 PBO, January 1 780,000 Plan Assets, January 1 830,000
Pension data for Goldman Company included the following for the current calendar year:
Service Cost | $106,000 | |
PBO, January 1 | 780,000 | |
Plan Assets, January 1 | 830,000 | |
Amoritzation of prior service cost | 6,300 | |
Amortization of net loss | 2,300 | |
Discount rate, 8% | ||
Expected return on plan assets, 10% | ||
Actual return on plan assets, 12% |
a. Determine the pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.
b. Prepare the journal entry to record the pension expense.
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