Reference no: EM132975518
Quentin Fishing Corp. (QFC), a publicly accountable entity, has provided a defined benefit pension plan for its employees for several years. QFC has provided the following information:
Defined benefit obligation - January 1, 2020 $2,000,000
Plan assets (at market value) - January 1, 2020 $1,800,000
Yield on high-quality corporate bonds 4%
Current service cost for the year ended - December 31, 2020 $ 300,000
Past service costs due to improvements in benefits - December 31, 2020 $ 500,000
Gain due to change in actuarial assumptions during 2020 $ 25,000
Actual return on plan assets for 2020 $ 40,000
Funds paid by QFC to the pension trustee - December 31, 2020 $ 400,000
Required:
Problem 1: Prepare the journal entries for QFC's defined benefit pension plan for 2020
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