The Drew Lewis Restaurants, Inc., provided the following information related to its defined-benefit plan for...
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The Drew Lewis Restaurants, Inc., provided the following information related to its defined-benefit plan for the current year: Current Year Prior Year DesTIption Beginning plan assets at fair value (equal to the market-related asset value) Beginning projected benefit obligation Service cost Settlement rate Expected return on plan assets Actual return on plan assets Contributions for the year Benefits paid during the year Amortization of prior service cost Beginning balance of accumulated other comprehensive income due to .Unamortized prior service cost Solve Solve $110 10% 8% 276 150 850 260 $6,400 4,600 200 10% 8% 432 818 450 180 Solve Solve 5 years 1,060 240 5 years Unamortized net actuarial losses Average remaining service life of employees Requirements ((HINT: You must analyze prior-year results in full in order to complete the following requirements.) a. Compute the pension cost for the current year. b. Determine the ending balances of the plan assets and the projected benefit obligation. c. Determine the ending balance in accumulated other comprehensive income related to unamortized prior service cost and unamortized net actuarial losses Prepare the journal entry to record the current year's pension cost
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