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The expected long-term rate of return on plan assets was 10%. There was no prior...

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Accounting

The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss -AOCl on
January 1,2024.
Required:
Determine Abbott and Abbott's pension expense for 2024.
Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2024.
Complete this question by entering your answers in the tabs below.
Required 1
Determine Abbott and Abbott's pension expense for 2024.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e.,10,000,000 should
be entered as 10).
Journal entry worksheet
1
2
3
Record the pension expense.
Note: Enter debits before credits.
Journal entry worksheet
Journal entry worksheet
124
Record the payment of benefits.
Note: Enter debits before credits.
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