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Use the following to answer questions 7-8: The following data are for the pension plan for the employees of Lockett Company. 1/1/17 12/31/17 12/31/18 Accumulated

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Use the following to answer questions 7-8: The following data are for the pension plan for the employees of Lockett Company. 1/1/17 12/31/17 12/31/18 Accumulated benefit obligation $5,000,000 $5,200,000 $6,800,000 Projected benefit obligation 5,400,000 5,600,000 7,400,000 Plan assets at fair value) 4,600,000 6,000,000 6,600,000 AOCL - net loss 960,000 1,000,000 Settlement rate (for year) 10% 9% Expected rate of return (for year) 8% 7% Lockett's contribution was $840,000 in 2018 and benefits paid were $750,000. Lockett estimates that the average remaining service life is 15 years. 7. The corridor for 2018 was $600,000. The amount of AOCI-net loss amortized in 2018 was A) $28,000. B) $66,666. C) $24,000. D) $64,000. 8. The actual return on plan assets in 2018 was A) $310,000. B) $600,000. C) $510,000. D) $400,000

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