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PROBLEM 2 ultra-Home Corporation provides the following information related to its defined-benefit pension plan for 2017. Pension liability (January 1) Accumulated benefit obligation (December 31)

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PROBLEM 2 ultra-Home Corporation provides the following information related to its defined-benefit pension plan for 2017. Pension liability (January 1) Accumulated benefit obligation (December 31) Actual & Expected return on Plan Assets Contributions 2017 Plan Assets (December 31) Settlement rate Projected Benefits Obligation, January 1, 2017 Service cost $ 500,000 1,250,000 15,000 210,000 800,000 8% 1,500,000 165,000 (a) Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. (b) Indicate the pension-related amounts that would be reported in the company's income statement and the balance sheet for the 2017

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