The following information is available for the pension plan of Radcliffe Company for the year 2015. Instructions

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The following information is available for the pension plan of Radcliffe Company for the year 2015.

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Instructions

(a) Compute pension expense for the year 2015.

(b) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2015.

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Mar 23, 2024 08:03 AM

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The following information is available for the pension plan of Radcliffe Company for the year 2015. Instructions

Question:

Interest revenue on plan assets $ 15,000 Benefits paid to retirees 40,000 Contributions (funding) 90,000 Discount (interest) rate 10% Defined benefit obligation, January 1, 2015 Service cost 500,000 60,000

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Intermediate Accounting IFRS Edition

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