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Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013. 2012 2013 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/Liability, January 1 140,000 Cr. ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated benefit obligation, December 31 500,000 550,000 Interest/Settlement rate 9% 9% Compute pension expense for 2012 and 2013 Prepare journal entries to record the pension expense and the company funding of the pension plan for both years. Interest/settlement rate 9% 9%
wyco company manufactures toasters.for the first 8 months of 2012the company reported the following operating results
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Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2010, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income is:
the thompson corporation a manufacturer of steel products began operations on october 1 2011. the accounting department
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