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12020

Question 6: (15 points) Thc following information is related to the defined benefit pension plan of Dreamworld Company for the year ended 12/31/2020: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets s 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 90/0 Prior Service Cost 1/1 $ 700,000 Average remaining years of service 10 years Assuming no other relevant data exist. Required: A. Calculate the company's pension expense for 2020. B. Make journal entry (entries) related to the plan at 12/31/2020.