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Gretta's Emporium Corp. provides its employees with a defined benefit pension plan. The plan assets and liabilities are shown below:
December 31, 20X6
Assets - market value $1,371,000Liabilities - actuarial value $1,288,000December 31, 20X5Assets - market value $1,595,000Liabilities - actuarial value $1,487,000
Problem a) Prepare reconciliation from the opening balances to the ending balances of the defined benefit obligation and plan assets for the year ended December 31, 20X6.
Problem b) Prepare summary journal entries for pension expense for the year.
How much compensation cost would the Company have to record for the year ended December 31, 2006, in accordance with the principles of ASC 718, Compensation - Stock Compensation?
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