SuperSports provides you the following pension data for the year 2016. Item Service Cost, 2016...
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SuperSports provides you the following pension data for the year 2016. Item Service Cost, 2016 $248,000 Projected Benefit Obligation, January 2016 $340,000 Plan assets (fair value), Januray 1, 2016 $360,000 Prior Service Cost - AOCI (2016 amoritization, $25,000) $250,000 Net Loss - AOCI (2016 amoritization, $10,000) $110,000 Actual Return on Plan Assets $45,000 Interest rate and expected return on plan assets 10% $175,000 Contributions made to plan assets during 2016 SuperSports requests you to: 1. Compute pension expense for the year 2016 2. Record 2016 journal entry for pension expense
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