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Pillsbury Boys Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2022, the following balances related to this plan: As a
Pillsbury Boys Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2022, the following balances related to this plan: As a result of the operation of the plan during 2022, the actuary provided the following additional data at December 31, 2022: The company amortizes pension losses/gains on a straight-line basis over 10 years. The company's fiscal year ends December 31 . Required: a) Calculate total pension expense for 2022. Show all calculations clearly. b) Prepare the journal entry or entries related to the defined pension plan for 2022. Round your answers to the nearest whole dollar. Prepare the entry or entries in proper form as of 12/31/2022 with explanations and calculations. Skip a row between entries. c) Indicate clearly the pension amounts to be reported on: - The income statement; - The balance sheet. Do not report the cash effects. Just report other assets, if any, liabilities, and stockholders' equity. If equity accounts have debit balances, show them in parentheses
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