Pension data for Southeast Financial Services, Inc. include the following: ...
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Accounting
- Pension data for Southeast Financial Services, Inc. include the following:
| Discount rate, 8% |
|
| Expected return on plan assets, 11% |
|
| Actual return on plan assets, 10% |
|
| Service cost, year1 | $330 |
| Janauary 1, year 1: |
|
| Projected benefit obligation | 2448 |
| Accumulated benefit obligation | 2129 |
| Plan assets (fair value) | 2555 |
| Prior service cost-AOCI(year1 amortization, $27) | 346 |
| Net gain --AOCI (year1 amortization, $6) | 351 |
| There were no changes in actuarial assumptions |
|
| December 31, year 1: |
|
| Cash contributions to pension fund, December 31, year1 | 261 |
| Benefit payment to retirees, December 31, year 1 | 287 |
Required:
Determine pension expense for year 1.
Prepare all journal entries on December 31, year 1.
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