Question -
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12/31/14
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12/31/15
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Service Cost
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200,000
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|
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Actual return in plan assets
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105,000
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|
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Annual contribution to the plan
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400,000
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|
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Benefits paid to retirees
|
24,000
|
|
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Pension Asset/Liability credit 12/31/15
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400,000
|
?
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Projected benefit obligation
|
1,500,000
|
?
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Plan asset
|
1,100,000
|
?
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Unrecognized prior service cost
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250,000
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208,000
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Unrecognized net gain or loss
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0
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?
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Amortization of unrecognized PSC
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42,000
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|
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Accumulated benefit obligation
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1,340,000
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1,700,000
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Sehnert rate
|
10%
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|
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Expected rate of return on plan assets
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8%
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Compute 2015 pension expense?
Compute the 12/31/15 projected benefit obligation?
Compute the 12/31/16 plan assets?
Prepare a journal entry to record pension expense 12/31/15.
Amount to be reported as Pension Asset/Liability 12/31/15.
Compute the total balance in Accum. Other Compensation Income 12/31/15 an indicate how it affect 12/31/15 balance Sheet.