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Walter Corporation began the year with a net pension liability of $84 million (underfunded pension...

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Accounting

Walter Corporation began the year with a net pension liability of $84 million (underfunded pension plan). Pension expense for the year included the following ($ in millions): service cost, $30; interest cost, $18; expected return on assets, $12; amortization of net loss, $6.

Objective: Prepare the journal entry to record Walter's pension expense.

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