At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit...
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At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2020.
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