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PROBLEM 1 (10 points)
Assume the following pension data for year 2019:
Service cost $90,000
Contribution $105,000
Actual return $64,000
Benefits $40,000
Plan assets 1/1/19 $640,000
PBO 1/1/19 $800,000
Interest rate 10%
Compute pension expense. Prepare the journal entry for pension expense only.
Show all computations. Hint: not all data above are needed for this question.
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