Axel Corporation Has a Defined Benefit Pension Plan For the Year Ended December 31,2012,the Current Service Cost as Following

question 96

Essay

Axel Corporation has a defined benefit pension plan.At January 1,2012,the following balances exist:
$\begin{array}{ll}\text { Accrued benefit obligation } & \$ 2,480,000 \\\\\text { Planassets (at market value) } & 1,880,000 \\\\\text { Unamortized past service cost from. plan initiation } & 210,000 \\\\\text { Unrecognized net loss from actuarial gains and losses } & 348,000 \\\\\text { Interest rate on obligations } & 4 \%\end{array}$ For the year ended December 31,2012,the current service cost as determined by an appropriate actuarial cost method was $265,000.A change in actuarial assumptions created a gain of $16,000 in 2012.The expected return on plan assets was $65,200; however,the actual return is $63,700.The expected period of full eligibility at January 1,2012 (i.e.,the vesting period)is 10 years,while the expected average remaining service life is 20 years.Axel paid $220,700 to the pension trustee in December 2012.The company recognizes only the minimum amount of corridor amortization.
Requirement:
Prepare the journal entry to record pension expense for 2012.

Interpret the practical applications of behavior modification techniques.

Understand the concepts of prejudice and discrimination and their differences.

Recognize the role of leadership styles and theories in organizational effectiveness.

Identify factors influencing attitudes, including the formation and change of attitudes.

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Definitions:

Internal System

The framework of policies, processes, and procedures used within an organization to ensure effective and efficient operations.

Ethical Performance

Evaluation of an individual's or organization's actions in terms of their adherence to ethical principles and standards.

Report Misconduct

The action of informing authorities or relevant parties about unethical or illegal activities observed within an organization or social setting.

Top Management

The highest level of managers within an organization, responsible for setting strategic goals and making key decisions.