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Dinosaur Inc has a defined benefit pension plans for all employees. The following...

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Accounting

Dinosaur Inc has a defined benefit pension plans for all employees. The following information was compiled in order to accrue the pension cost for 2021:
Service cost 150,000
Projected benefit 700,000
Interest (Discount) rate 7%
Plan assets Jan 1800,000
Plan assets Dec 31840,000
Company contributions 160,000
Benefits paid 90,000
There are no prior year service costs. Give the journal entry for the pension accrual.

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