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Please fill in the blanks below: I will give you a thumbs-up if it is CORRECT and COMPLETE. Wrong and incomplete answers will get a
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I will give you a thumbs-up if it is CORRECT and COMPLETE. Wrong and incomplete answers will get a thumbs-ups.
Exercise 20-11 (Part Level Submission) Henning Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2014 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2014 amounted to $63,370. 2. The company's funding policy requires a contribution to the pension trustee amounting to $145,672 for 2014 3. As of January 1, 2014, the company had a projected benefit obligation of $920,800, an accumulated benefit obligation of $832,490, and a debit balance of $423,470 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $628,510 at the beginning of the year. The actual and expected return on plan assets was $57,460. The settlement rate was 9%. No gains or losses occurred in 2014 and no benefits were paid. 4. Amortization of prior service cost was $42,290 in 2014. Amortization of net gain or loss was not required in 2014 (a) Your answer is correct. Determine the amounts of the components of pension expense that should be recognized by the company in 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (4 Service Cost 63,370 82872 -57,460 42.290 131072 terest on Projected Benefit Obligation Ex Return on Plan Assets Amortization of Prior Service Cost PensionEStep by Step Solution
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