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Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information: Projected Benefit Obligation($ in millions)Balance, January 1 $125
Service cost 32
Interest cost 15
Benefits paid (10)
Balance, December 31 $162 Plan Assets Balance, January 1 $75 Actual return on plan assets 11 Contributions 2021 32 Benefits paid (10) Balance, December 31 $108 The expected long-term rate of return on plan assets was 12%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2021. Required:
Problem 1. Determine Abbott and Abbott's pension expense for 2021.
Problem 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021.
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