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Homework answers / question archive /  Company maintains a defined benefit pension with First Hartford Trust

 Company maintains a defined benefit pension with First Hartford Trust

Accounting

 Company maintains a defined benefit pension with First Hartford Trust. Below are the balances reported by First Hartford on January 1, 2019:Plan Benefit Obligation $520,000
Plan Assets $650,000
At the beginning of 2019, First Hartford informed Rollo that due to amending the program for prior service for new employees, they need to deposit an additional $180,000. Other matters for 2019 are:
The settlement rate is 10%.
The current service cost is $40,000.
Expected earnings are 10% on beginning plan assets.
Actual earnings are $62,000. There is an expected loss.
Prior service cost amortization is $25,000.
First Hartford Trust paid retirement benefits of $35,000.
Rollo funded the plan $120,000.

- Help me create a pension worksheet below:

- Help me Prepare the pension expense entry.                              Dr.             Cr.

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