Question: Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information: The expected long-term rate


Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information: The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss-AOCi on January 1,2021 . Required: 1. Determine Abbott and Abbott's pension expense for 2021. 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding. and (c) payment for 2021. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine Abbott and Abbott's pension expense for 2021. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in miltions (i.e., 10,000,000 should be entered as 10).)
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