The following information relates to Gallup Co. for 2020: Projected...
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Accounting
The following information relates to Gallup Co. for 2020:
| Projected Benefit Obligation | Market Value of Plan Assets | |
| Balance on January 1 | $650,000 | $725,000 |
| Balance on December32 | $690,000 | $740,000 |
Based on the above information, the net change (i.e. the journal entry) to the Pension Asset/Liability account for the year would be:
Credit of $25,000
Debit of $50,000
Credit of $50,000
Debit of $25,000
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