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  3. on january 1,2023, xyz ltd. reported the following

On January 1,2023, xyz Ltd. reported the following balances relating to its defined benefit...

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Accounting

On January 1,2023, xyz Ltd. reported the following balances relating to its
defined benefit pension plan:
Dec. 31,2023 Jan. 1,2023
Defined benefit obligation .................... $1,261,000 $1,200,000
Fair value of plan assets ......................1,266,0001,170,000
Current service cost ............................. $ 95,000
Contributions to the plan ......................104,000
Benefits paid ........................................100,000
Actual return on plan assets ................(b)
Interest (discount) rate .........................(a)
Defined benefit expense ......................(c)
Instructions
a) Calculate the discount rate.
b) Calculate the actual return on plan assets.
c) Calculate the defined benefit expense for 2023.
d) Prepare the journal entries to record the defined benefit expense and the
contributions for 2023.

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