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Prepare the journal entries to record the pension expense

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Reference no: EM132820972

On January 1, 2020, Wang Ltd. reported the following balances relating to their defined benefit pension plan:

                                                                       Dec. 31, 2020                    Jan.1, 2020

Defined benefit obligation                            (a)                             $ 1,200,000

Fair value of plan assets                               (b)                               1,170,000

Current service cost                               $ 95,000

Contributions to the plan                       104,000

Benefits paid                                        100,000

Actual return on plan assets                          92,000

Interest (discount) rate                                 8%

Pension expense                                         (c)

Instructions

Problem a) Calculate the defined benefit obligation at December 31, 2020.

Problem b) Calculate the fair value of plan assets at December 31, 2020.

Problem c) Calculate pension expense for 2020.

Problem d) Prepare the journal entries to record the pension expense and the contributions for 2020.

Reference no: EM132820972

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