On December 31, 2019, the pension trust for Taj Singh Consulting Corp. (TSC) made a settlement payment
Question:
On December 31, 2019, the pension trust for Taj Singh Consulting Corp. (TSC) made a settlement payment of $450,000 to a recently terminated employee of TSC. The accrued benefit obligation pertaining to the terminated employee was $500,000.
Required:
Assume that the journal entries relating to the normal accruals for pension expense for the year have already been passed. Prepare the journal entry for Taj Singh Consulting Corp. to record this settlement.
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The pension obligation of TSC is amortized using the straight line method on a straightline basis ov...View the full answer
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