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question the following information is available for the pension plan of the nahest r 4290078

Question

the following information is available for the pension plan of the

NahesT ranciS ALBANY STATE UNIVERSITY College of Business ACCT 3103 Fall Semester 2017 Examination 3 Dr. F. Thompson, Instructor Part I1 (40 Points) Problem I: Pension Expense The following information is available for the pension plan of the Golden Rams Corporation for the year 2017. Practice Actual and expected return on plan assets Benefits paid to retirees Prior service cost amortization Fair value of plan assets, January 1,2017 Projected benefit obligation, January 1, 2017 Accumulated benefit obligation, January 1,2017 Contributions to the plan. .S 90,000 350,000 60,000 2,400,000 2,700,000 2,000,000 370,000 410,000 Service cost. Gains/Losses. Settlement rate 10% A. Compute pension expense for the year 2017. B. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan for 2017.

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