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Compute pension expense for buhl corp for the given year

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Reference no: EM131593525

Question: Buhl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances relate to this plan.

Plan assets                                 $480,000

Defined benefit obligation                600,000

Pension asset/liability                     120,000

As a result of the operation of the plan during 2014, the following additional data are provided by the actuary.

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Instructions: (a) Using the data above, compute pension expense for Buhl Corp. for the year 2014 by preparing a pension worksheet.

(b) Prepare the journal entry for pension expense for 2014.

Reference no: EM131593525

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