Determine the balances that nunez should report

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Reference no: EM133633832

Question: Nunez Corp. sponsors a defined benefit pension plan for its employees. Information about the plan is provided below.

Required:

(a) Determine the pension-related journal entries that Nunez should record for 2021 and 2022.

(b) Determine the effects of the pension plan on Nunez's reported net income for 2021 and 2022 (ignoring taxes).

(c) Determine the balances that Nunez should report on its December 31, 2021 and 2022 balance sheets for Net Pension Asset or Liability and Accumulated OCI-Prior Service Costs. Also indicate the sections of the balance sheet in which each of these items should appear (i.e., Assets, Liabilities, or Equity).

(d) Prepare pension worksheets to summarize the pension data for 2021 and 2022. This should help you determine the answers to parts (a), (b), and (c) above. You may use the templates provided later in this document.

Reference no: EM133633832

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