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The Lindsay company has a defined benefit pension plan. The plan assets balance at FV on Jan1,2011was $1600, and employer contributions to the Plan were $540 in 2011 and $590 in 2012, respectively. The expected long-term rate of return on plan assets is 12%. The actual return on plan assets was $180 in 2011 and $210 in 2012,respectively. A variety of addition information was provided by the pension plan actuary. The projected Benefit Obligations as of Dec. 31, 2010 is $1800. Prior service cost from plan amendment on Jan 2, 2011 is $400. The employees in the plan have a 10-year average remaining service period. The Service Cost for 2011 is $520 and $570 for 2012. Discount rate used by actuary on project benefit obligation for 2011 and 2012 is 10%. The Net Gain--AOCI on Jan 1, 2011 is $230. Net gains and losses are amortized for 10 years in 2011 and 2011.
1) Calculate the pension expense for 2011 and 2012.
2) Prepare journal entries for 2011 and 2012 to record pension expense.
3) Prepare the journal entries for 2011 and 2012 to record any gains and losses, and new prior service cost. *Note that $ amounts are expressed in millions.
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2009. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $4.6 million, $5 million, $6 million, and $7 million..
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