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Prepare a pension worksheet that shows the journal entry

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Reference no: EM132431879

Question - The following facts apply to the pension plan of Bonita Inc. for the year 2017.

Plan assets, January 1, 2017

$462,400

Projected benefit obligation, January 1, 2017

462,400

Settlement rate

8%

Service cost

43,800

Contributions (funding)

26,300

Actual and expected return on plan assets

49,200

Benefits paid to retirees

30,700

Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts.

Reference no: EM132431879

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