Business, 23.10.2021 15:50 danksans7011

On January 1, 2021, McGee Co. had the following balances: Projected benefit obligation $7,800,000 Fair value of plan assets $7,000,000 Unamortized prior service cost $600,000 Unamortized net Loss (gain) $930,000 Other data related to the pension plan for 2021: Service cost $ 315,000 Contributions to the plan $459,000 Benefits paid $450,000 Actual return on plan assets $468,000 Remaining working life (in years) 15 years Settlement rate 9% Expected rate of return 6% Instructions (a) Determine the projected benefit obligation at December 31, 2021. There are no net gains or losses. (b) Determine the fair value of plan assets at December 31, 2021. (c) Calculate pension expense for 2021. (d) Prepare the journal entry to record pension expense for 2021

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On January 1, 2021, McGee Co. had the following balances: Projected benefit obligation $7,800,000 Fa...

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