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Prepare the journal entry to record pension expense

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Reference no: EM131996513

Question - ABC Co. sponsors a defined benefit pension plan, providing the following info:

1/1/14 12/31/14

Vested benefit obligation $600 $750

Accumulated benefit obligation 750 895

Projected benefit obligation 860 980

Plan assets (fair value) 610 696

Settlement rate and expected rate of return 6%

Pension asset/liability 250 ?

Accumulated OCI (PSC) 150 ?

Service Cost for the year 2014 143

Contributions (funding in 2014) 100

Benefits paid in 2014 75

The average remaining service life per employee is 10 years.

Instructions:

A. Prepare a pension worksheet for 2014 IN EXCEL. Include in the worksheet the calculation of pension expense, prior service cost amortization, actual/expected/unexpected return, contributions and benefit payments?

B. Prepare the journal entry to record pension expense and plan contributions?

Reference no: EM131996513

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