The characteristics of the pension plan during 2021 are as follows: Service cost: $750,000 Interest cost: $450,000

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The characteristics of the pension plan during 2021 are as follows:

Service cost: $750,000

Interest cost: $450,000

Actual return on plan assets: $200,000

Expected rate of return on plan assets: 8%

Gain from change in accrual assumption: $220,000

There were no AOCI balances related to pensions on January 1, 2021, but at the end of the year, the company amended the pension formula, creating a prior service cost of $120,000.

Need 6-part Adjusting Entries for End of Year, December 31st, 2021.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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Posted Date: Aug 10, 2021 11:50 AM

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The characteristics of the pension plan during 2021 are as follows: Service cost: $750,000 Interest cost: $450,000

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Intermediate Accounting

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