Business, 15.02.2022 21:10 luzbalais3260

Latoya Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,000 Cr.
Accumulated benefit obligation (December 31) 400,000
Actual and expected return on plan assets 10,000
Contributions (funding) in 2012 150,000
Fair value of plan assets (December 31) 800,000
Settlement rate 10%
Projected benefit obligation (January 1) 700,000
Service cost 80,000

Required:
a. Compute pension expense for 2020.
b. Prepare the journal entry to record pension expense and the employer

Answers: 2

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Latoya Company provides the following selected information related to its defined benefit pension pl...