Prepare pension worksheet and all journal entries

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Reference no: EM132763668

Question - On January 1, 2020, Stine Co. had the following balances:

Projected benefit obligation $7,200,000

Fair value of plan assets 7,100,000

Other data related to the pension plan for 2020:

Service cost 315,000

Contributions to the plan 459,000

Benefits paid 450,000

Interest rate 5%

Actual return 355,000

Required -

1. Prepare pension worksheet and all journal entries for 2020?

2. Prepare all journal entries and compute ending balances for PBO & PA. Show all computations.

Reference no: EM132763668

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