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XYZ Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023. Plan assets $750,000 Projected benefit obligation 600,000 XYZ's
XYZ Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023. Plan assets $750,000 Projected benefit obligation 600,000 XYZ's actuary determined that 2024 service cost is $104,000. Both the expected and actual rate of return on plan assets are 10%. The interest (discount) rate is 4%. XYZ. contributed $165,000 to the pension fund at the end of 2024 , and retirees were paid $87,000 from plan assets. Required: 1.What is the pension expense at the end of 2024 ? 2.What is the projected benefit obligation at the end of 2024 ? 3.What is the plan assets balance at the end of 2024 ? 4.What is the net pension asset or net pension liability at the end of 2024 ? 5.Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments
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