On January 1, 2020, Wang Ltd

question 18

Essay

On January 1, 2020, Wang Ltd. reported the following balances relating to their defined benefit pension plan:
Instructions
a) Calculate the defined benefit obligation at December 31, 2020.
b) Calculate the fair value of plan assets at December 31, 2020.
c) Calculate pension expense for 2020.
d) Prepare the journal entries to record the pension expense and the contributions for 2020.

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