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The following data relate to the operation of Kramer Co.'s pension plan in 2018. The pension worksheet for 2017 is provided in P20-10. Service cost
The following data relate to the operation of Kramer Co.'s pension plan in 2018. The pension worksheet for 2017 is provided in P20-10. Service cost $59,000 Actual return on plan assets 32,000 Amortization of prior service cost 28, 0 Annual contributions 51,000 Benets paid retirees 27,000 Average service life of all employees 25 years For 2018, Kramer will use the same assumptions as 2017 for the expected rate of returns on plan assets. The settlement rate for 2018 is 10%. Instructions Prepare a pension worksheet for 2018 and accompanying computation; and amortization of the loss, if any in 2018 using the corridor approach. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31. Indicate the pension amounts reported in the financial statements
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