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Prepare the journal entry recording pension expense

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Question: Stellantis Company provides the following information about its defined benefit pension plan for the year 2018.

Service cost $80,000

Contribution to the plan 99,000

Prior service cost amortization 11,000

Actual and expected return on plan assets 60,000

Benefits paid 50,000

Plan assets on January 1, 2018 520,000

Projected benefit obligation on January 1, 2018 580,000

Accumulated OCI (PSC) on January 1, 2018 120,000

Interest/discount (settlement) rate 10%

a. Pension worksheet inserting January 1, 2018, balances, showing December 31, 2018. (Please use the provided spreadsheet)

b. Prepare the journal entry recording pension expense.

Reference no: EM132757941

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