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Will Rate immediately (Please be 1000% sure its correct answer): THIS IS THE ENTIRE INFORMATION GIVEN Part 2 (20 points total) On January 1, 2021,
Will Rate immediately (Please be 1000% sure its correct answer):
THIS IS THE ENTIRE INFORMATION GIVEN
Part 2 (20 points total) On January 1, 2021, McGee Co. had the following balances: Projected benefit obligation Pension plan assets $7,800,000 7,800,000 Other data related to the pension plan for 2021: Service cost Contributions to the pension plan Benefits paid to retirees Actual return on plan assets Discount rate Expected rate of return 315,000 459,000 450,000 312,000 9% 6% Instructions a. (4 points) What was the rate of return on McGee's Pension Assets? b. (4 points) Determine the projected benefit obligation at December 31, 2021. There are no net gains or losses. c. (4 points) Determine the pension plan assets at December 31, 2021. d. (4 points) Calculate pension expense for 2021. e. (4 points) Indicate the amount of Pension Asset/Liability reported in McGee's December 31, 2021 balance sheet. Please provide both the amount and whether or not it is a net asset or liabilityStep by Step Solution
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