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Question #1. (10 marks) Current salary $80,000 Years until retirement 3 Annual compensation increases 5% Discount rate 8% Benefit 2% Required: a. Construct the pension

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Question #1. (10 marks) Current salary $80,000 Years until retirement 3 Annual compensation increases 5% Discount rate 8% Benefit 2% Required: a. Construct the pension table (8 marks) b. Compute the pension expense reported on year 2 income statement if the return on pension assets (pension income) is $120 ever year. (2 marks)

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