Abbott and abbott has a noncontributory, defined benefit pension plan. at december 31, 2018, abbott and abbott received the following information: projected benefit obligation ($ in millions) balance, january 1 $ 125 service cost 22 interest cost 15 benefits paid (8 ) balance, december 31 $ 154 plan assets balance, january 1 $ 75 actual return on plan assets 10 contributions 2018 22 benefits paid (8 ) balance, december 31 $ 99 the expected long-term rate of return on plan assets was 12%. there was no prior service cost and a negligible net loss–aoci on january 1, 2018. required: 1. determine abbott and abbott’s pension expense for 2018. 2. prepare the journal entries to record abbott and abbott’s pension expense, funding, and payment for 2018.
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Abbott and abbott has a noncontributory, defined benefit pension plan. at december 31, 2018, abbott...
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