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Q5 Problem Solving (10 marks) USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were

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Q5 Problem Solving (10 marks) USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,690,000 and the defined benefit obligation was $7,260,000. Invoking the asset ceiling caps the net defined benefit asset at $319,000. Required: Prepare the journal entry to correctly recognize the net defined benefit asset. Please feel free to enter your answer(s) in the template below: No Transaction General Journal Debit Credit 1 1

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