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Compute the amount of pension expense to be reported

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Reference no: EM132935500

Question - Presented below is information related to Jones Department Stores, Inc. pension plan for 2015.

Accumulated benefit obligation (at year-end) $600,000

Service cost 520,000

Funding contribution for 2020 480,000

Settlement rate used 10% benefits paid 380,000

Fair value of plan assets 440,000

Amortization of prior service cost 100,000

Projected benefit obligation 450,000

Fair value of plan assets 360,000

Instructions -

(a) Compute the amount of pension expense to be reported for 2020. (Show computations.)

(b) Prepare the journal entry to record pension expense and the employer's contribution for 2020.

Reference no: EM132935500

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