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Which of the following statements is incorrect regarding the recording of entries for a defined benefit plan? Select one: a. To record an employer contribution
Which of the following statements is incorrect regarding the recording of entries for a defined benefit plan?
Select one:
a. To record an employer contribution to a defined pension plan, debit Plan Assets and credit Cash.
b. To record benefits paid to retirees, debit PBO and credit Plan Assets.
c. To defer an actuarial loss on the PBO, debit OCIPension Gain/Loss and credit PBO.
d. To record a prior service cost amendment, debit OCIPrior Service Cost and credit PBO.
e. To record interest cost on the PBO, debit Interest Expense and credit PBO.
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