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Please Help A-D Boston Technologies, Inc. started a defined-benefit plan this year. As part of the union agreement, it provided $600,000 in retroactive benefits to
Please Help A-D
Boston Technologies, Inc. started a defined-benefit plan this year. As part of the union agreement, it provided $600,000 in retroactive benefits to all employees for their prior years' service The company amortized $17,900 of these benefits during the current year. At the end of the year, the actuary provided you with the following information related to the plan (Click the icon to view the information.) Read the requirements Requirement a. Compute the total pension cost for the year Select the labels and enter the amounts for all items that are included in the pension cost for the year. (Abbreviation used: PBO = Projected Benefit Obligation, use parentheses or a minus sign for items that reduce pension cost. If a box is not used in the table leave the box empty; do not select a label or enter a zero) Components of Pension Cost Amount Requirements a. Compute the total pension cost for the year b. Determine the ending balances of the plan assets and the projected benefit obligation and indicate the funded status of the plan. c. Prepare the journal entry to record the current year's pension cost. d. Reconcile the ending balance in accumulated other comprehensive income Total Pension Cost More Info Print Done Service cost for the year, $916,850 . Contributions for the year, $360,600 * Expected return on plan assets' 9% * Settlement rate, 9% . No retirement benefits were paid during the year en click Check Answer. Clear All CheckStep by Step Solution
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