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Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry
Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. (Enter all amounts as positive.)
Exercise 20-4 The following facts apply to the pension plan of Concord Inc. for the year 2017 Plan assets, January 1, 2017 $497,800 Projected benefit obligation, January 1, 2017 497,800 Settlement rate 8 37,400 Service cost Contributions (funding) 23,000 50,400 Actual and expected return on plan assets Benefits paid to retirees 35,700
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