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Question - Pension data for Goldman Company included the following for the current calendar year:
Service Cost $106,000
PBO, January 1 780,000
Plan Assets, January 1 830,000
Amortization of prior service cost 6,300
Amortization of net loss
Discount rate, 8%
Expected return on plan assets, 10%
Actual return on plan assets, 12%
Required -
a) Determine the pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.)
b) Prepare the journal entry to record the pension expense.
Prepare the journal entry to record income tax expense, income tax payable and any accompanying deferred assets or liabilities. Assume a 30% tax rate
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From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:
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Discuss what is meant by that statement and the examples given; how does this happen?
Assume further that the scent security tax rate was 6.0%, the Medicare tax rate was 1.5%, Determine the gross pay for the week
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