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Question - Cullumber Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021:
2020
2021
Plan assets (fair value), December 31
$514,500
$645,000
Defined benefit obligation, January 1
606,000
698,000
Net defined benefit liability (asset), January 1
235,400
?
Current service cost
56,960
90,000
Actual return on plan assets
24,400
47,300
Funding of current service cost
59,000
Funding of past service costs
80,000
49,000
Benefits paid
Interest/discount rate
9%
The pension fund paid out benefits in each year. There were no actuarial gains or losses incurred on the DBO in the two-year period.
Calculate pension expense for 2020 and 2021.
Create all journal entries to record the pension expense and the company's pension plan funding for both years.
Crete the complete pension work sheets for Cullumber for 2020 and 2021.
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