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George Corporation has a defined benefit pension plan for its employees. The following information is...

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Accounting

George Corporation has a defined benefit pension plan for its employees. The following information is available for 20X1: PBO at 1/1 $ 930,000 Payments made to retirees at 12/31 204,000 Service cost 196,000 Actual return on plan assets 30,000 Plan contributions at 12/31 130,000 Fair value of plan assets at 12/31 880,000 Amortization of prior service cost 76,000 Discount rate 10 % Expected rate of return on

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