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Problem - Abbott and Abbott has a non-contributory, defined benefit pension plan. At December 31, 2018, Abbott and Abbott received the following information:
Projected Benefit Obligation
($ in millions)
Balance, January 1
$200
Service cost
36
Interest cost
20
Benefits paid
(10)
Balance, December 31
$246
Plan Assets
$80
Actual return on plan assets
9
Contributions 2018
$115
The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2018.
Required -
1. Determine Abbott and Abbott's pension expense for 2018.
2. Prepare the journal entries to record Abbott and Abbott's pension expense, funding, and payment for 2018.
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