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What the balance in the valuation allowance account

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Question - Under ASPE, the company has a defined benefit pension plan.

Pension plan's assets at the beginning of the year = 5,040

Pension asset on company's books at the beginning of year = 810

Valuation allowance on company's books at the beginning of year = 486

Pension liability on company's books at the end of year = 972

Contributions paid by the company to pension plan during the year = 121.5

Required -

1: What the pension plan's obligation at the beginning of the year.

2: What the pension expense that the company will report for the current year.

3: What the balance in the valuation allowance account on the company's books at the end of the current year.

Reference no: EM132868579

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