At the end of the current year, Eastern Electric received the following information from its...
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Accounting
| At the end of the current year, Eastern Electric received the following information from its actuarial firm: |
| Pension expense | $ | 2,000,000 |
| Postretirement benefits expense | 700,000 | |
| The pension plan is fully funded. Eastern Electric has funded only 40% of the nonpension postretirement benefits this year. |
| a-b. | Record pension expense and nonpension postretirement benefit expenses for the entire year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
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