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  3. discount rate, 7% expected return on plan assets,

Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12%...

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Accounting

Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2024$ 430January 1,2024: Projected benefit obligation2,900Accumulated benefit obligation2,600Plan assets (fair value)3,000Prior service cost AOCI (2024 amortization, $25)385Net gain AOCI (2024 amortization, $10)450There were no changes in actuarial assumptions. December 31,2024: Cash contributions to pension fund, December 31,2024365Benefit payments to retirees, December 31,2024390Required:Determine pension expense for 2024.Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any),(c) funding, and (d) retiree benefits for 2024.

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