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Prepare the journal entry for pension expense

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Question: (Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances relate to this plan.

Plan assets                                         $480,000

Projected benefit obligation                     600,000

Pension asset/liability                             120,000

Accumulated OCI (PSC)                          100,000 Dr.

As a result of the operation of the plan during 2014, the following additional data are provided by the actuary

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Instructions: (a) Using the data above, compute pension expense for Webb Corp. for the year 2014 by preparing a pension worksheet.

(b) Prepare the journal entry for pension expense for 2014.

Reference no: EM131592892

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