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Che 1 USLM Inc. has a defined benefit pension plan. At the end of the...

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Accounting

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Che 1 USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,850,000 and the defined benefit obligation was $7,340,000. Invoking the asset ceiling caps the net defined benefit asset at $351,000. Required: Prepare the journal entry to correctly recognize the net defined benefit asset. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 0.1 points Skipped eBook View transaction list Journal entry worksheet Record the adjusting entry for net defined benefit asset. Note: Enter debits before credits. Transaction General Journal Debit Credit 1

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