On January 1, 2023, Wang Ltd. reported the following balances relating to its defined benefit pension...

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On January 1, 2023, Wang Ltd. reported the following balances relating to its defined benefit pension plan: Defined benefit obligation Dec. 31, 2023 Jan. 1, 2023 (a) $1,200,000 Fair value of plan assets... (b) 1,170,000 Current service cost.. $95,000 Contributions to the plan.. 104,000 Benefits paid. 100,000 Actual return on plan assets. 92,000 Interest (discount) rate.. 8% (c) Defined benefit expense... Instructions a) Calculate the defined benefit obligation at December 31, 2023. b) Calculate the fair value of plan assets at December 31, 2023. c) Calculate the defined benefit expense for 2023. d) Prepare the journal entries to record the defined benefit expense and the contributions for 2023. On January 1, 2023, Wang Ltd. reported the following balances relating to its defined benefit pension plan: Defined benefit obligation Dec. 31, 2023 Jan. 1, 2023 (a) $1,200,000 Fair value of plan assets... (b) 1,170,000 Current service cost.. $95,000 Contributions to the plan.. 104,000 Benefits paid. 100,000 Actual return on plan assets. 92,000 Interest (discount) rate.. 8% (c) Defined benefit expense... Instructions a) Calculate the defined benefit obligation at December 31, 2023. b) Calculate the fair value of plan assets at December 31, 2023. c) Calculate the defined benefit expense for 2023. d) Prepare the journal entries to record the defined benefit expense and the contributions for 2023.