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Ricardo and Associates, LLC, is a full-service consulting practice specializing in human resources. The company has 30 full time employees and regarding retirement provides both a defined contribution option or a defined benefit option (at reduced salary) to its employees.
The information for 2022 related to the defined benefit plan is as follows: Service Cost 55,000Settlement Rate 10%Expected Return Rate 12%Actual Return 25,000PBO 1/1/22 530,000Plan Assets 1/1/22 545,000Prior Service Cost 12/31/21 70,000Prior Service Cost implemented in 2022 10,000ABO 1/1/22 545,000ABO 12/31/22 620,000Amortization of PSC 8,300Unrecognized loss 12/31/21 67,000Average service life 20 yearsContributions made 35,000Benefits paid 12,500 Problem 1: Find each of the following: a. Pension Expense for 2022 b. PBO at 12/31/2022 c. Plan Assets at 12/31/2022 d. Is there a Pension Asset or Pension Liability at 12/31/22 e. What is the amount of the Pension Asset or Pension Liability at 12/31/22 f. Amount recognized in 2022 due to the corridor test g. Amount by which AOCI changed during 2022 h. AOCI balance 12/31/2022 i. Is this pension plan over or underfunded? j. By how much is the pension plan over or underfunded? k. Journal entry made related to pensions in 2022
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