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Determine the pension expense for the year

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Reference no: EM132750420

Question - The following data are for Guava Company's retiree health care plan for the current calendar year.

Number of employees covered 5

Years employed as of January 1 4 (each)

Attribution period 20 years

EPBO, January 1 57,000

EPBO, December 31 59,000

Interest rate 4%

Funding and plan assets none

Required -

a) Determine the pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Show all calculations. Use the book and power points/videos as examples of how to show calculations and label all amounts.

b) Prepare the journal entry to record the pension expense.

Reference no: EM132750420

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