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Homework answers / question archive / On January 1, 2018, INXS Company had the following balances:   Projected benefit obligation 1,245,400   Fair value of plan assets 965,400 The settlement rate, as well as the expected return rate, is 5%

On January 1, 2018, INXS Company had the following balances:   Projected benefit obligation 1,245,400   Fair value of plan assets 965,400 The settlement rate, as well as the expected return rate, is 5%

Accounting

On January 1, 2018, INXS Company had the following balances:

  Projected benefit obligation

1,245,400

  Fair value of plan assets

965,400

The settlement rate, as well as the expected return rate, is 5%. Other data related to the pension plan for 2018 were:

  Service cost

61,200

  Amortization of prior service costs

13,400

  Contributions

29,500

  Benefits paid

36,800

  Actual return on plan assets

41,900

  Amortization of net gain

11,400

What was the fair value of plan assets at December 31, 2018? 

What amount was recorded for pension expense for year 2018? 

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