Teal Company provides the following information about its defined benefit pension plan for the year 2022. Service
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Question:
Teal Company provides the following information about its defined benefit pension plan for the year 2022.
Service cost | €90,600 | ||
Contribution to the plan | 103,900 | ||
Benefits paid | 39,600 | ||
Plan assets at January 1, 2022 | 644,100 | ||
Defined benefit obligation at January 1, 2022 | 710,600 | ||
Interest/discount (settlement) rate | 9 | % |
Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
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