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Ivanhoe Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...

Ivanhoe Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan.

January 1, 2017 December 31, 2017
Vested benefit obligation $1,500 $1,940
Accumulated benefit obligation 1,940 2,780
Projected benefit obligation 2,480 3,350
Plan assets (fair value) 1,670 2,650
Settlement rate and expected rate of return 10%
Pension asset/liability 810 ?
Service cost for the year 2017 390
Contributions (funding in 2017) 690
Benefits paid in 2017 200

Prepare the journal entries at December 31, 2017, to record pension expense and related pension transactions

ACCOUNT TITLE DEBIT CREDIT

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ekkarill92 answered 2 years ago
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