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Problem 20-4 Monty Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018 2017
Problem 20-4 Monty Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018 2017 $817,830 819,000 2018 $993,330 936,000 Plan assets (fair value), December 31 Projected benefit obligation, January 1 Pension asset/liability, January 1 Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, 163,800 Cr 292,500 70,200 28,080 11,700 134,550 585,000 280,800 105,300 35,100 14,040 140,400 643,500 December 31 Interest/settlement rate 10% 10% Compute pension expense for 2017 and 2018. Pension expense for 2017 Pension expense for 2018
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