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Unformatted text preview: In-Class Activity #4 (30 points)List the two members of today’s activity__________________________________________________________________Based on the following defined pension data of ABC Corp. create a pension work sheet for 2011.Projected benefit obligations, 12/31/2010$600,000Plan assets, 12/31/2010$500,000On January 1, 2011, ABC Corp., through plan amendment, grants prior service benefits having a present value of $120,000Settlement rate10%Expected rate of return on plan assets10%Service cost16,000Contributions (funding)21,000Actual return on plan assets41,000Benefits paid to retirees30,000Prior service cost amortization for 201112,500General Journal EntriesMemo RecordAnnual Pension ExpenseCashOCI—PriorService CostOCI—Gain/LossPensionAsset/LiabilityProjected Benefit ObligationPlanAssetsBalance, Dec. 31, 2010100,000 Cr.600,000 Cr.500,000 Dr.Plan amendment on 1/1/2011120,000 Dr....
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- Fall '08
- Depreciation, service cost, Cr., Dr. 30,000 Cr