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Sandhill Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,300 Contribution to the plan 106,300 Prior
Sandhill Company provides the following information about its defined benefit pension plan for the year 2017.
Service cost | $89,300 | ||||
Contribution to the plan | 106,300 | ||||
Prior service cost amortization | 9,100 | ||||
Actual and expected return on plan assets | 65,200 | ||||
Benefits paid | 40,200 | ||||
Plan assets at January 1, 2017 | 634,600 | ||||
Projected benefit obligation at January 1, 2017 | 697,200 | ||||
Accumulated OCI (PSC) at January 1, 2017 | 151,800 | ||||
Interest/discount (settlement) rate | 10 | % | |||
Prepare the pension worksheet below inserting January 1, 2017, balances, showing December 31, 2017 and Prepare the journal entry recording pension expense. |
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