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Compute the amount of baron pension expense

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Question - Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017:

2016

Service cost $180,000

Projected benefit obligation (1/1) 135,000

Plan assets (1/1) 135,000

Company contribution (funded 12/31) 187,000

Discount rate 10%

Expected long-term (and actual) rate of return on plan assets 10%

2017

Service cost $190,000

Projected benefit obligation (1/1) 328,500

Plan assets (1/1) 335,500

Company contribution (funded 12/31) 200,000

Discount rate 10%

Expected long-term (and actual) rate of return on plan assets 10%

Required -

1. Compute the amount of Baron's pension expense for 2016 and 2017.

2. Prepare the journal entries to record the pension expense for 2016 and 2017.

Reference no: EM132599757

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