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Determine Abbott and Abbott pension expense

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Reference no: EM132726530

Question - Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information:

Projected Benefit Obligation ($ in millions )

Balance, January 1 $100

Service cost 27

Interest cost 11

Benefits paid (10)

Balance, December 31 $128

Plan Assets

Balance, January 1 $100

Actual return on plan assets 13

Contributions 2021 27

Benefits paid (10)

Balance, December 31 $130

The expected long-term rate of return on plan assets was 11%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2021.

Required -

1. Determine Abbott and Abbott's pension expense for 2021.

2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021.

Reference no: EM132726530

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