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Pronghorn Corporation is a privately owned company that uses ASPE. On January 1, 2020 Pronghorn's financial records indicated the following information related to the company's
Pronghorn Corporation is a privately owned company that uses ASPE. On January 1, 2020 Pronghorn's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,350,000 Pension Plan Assets 1.490,000 Pronghorn Corporation's actuary provided the following information on December 31, 2020 Current year service cost $87.000 Prior service cost, granted Jan 1, 2020 186,000 Employer contributions for the year 90,000 Benefits paid to retirees 31,000 Expected return on assets Actual return on assets 6% 5% 5% Discount rate Prepare a pension worksheet for Pronghorn Corporation for 2020, General Journal Entri Annual Pension Expense Cash Balance, January 1, 2020 Current Service Cost (a) Prepare a pension worksheet for Pronghorn Corporation for 2020, General Journal Entrie Annual Pension Expense Cash Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry-2020 Net Funding Entry > Balance, December 31, 2020 (a) Prepare a pension worksheet for Pronghorn Corporation for 2020, General Journal Entries Annual Pension Expense Net Defined Liability/ Asset Cash > > > > > >
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