Actuary and Trustee Reports Indicate the Following Changes in the PBO

question 156

Essay

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Reeves Uniforms during 2013: Required:
1. Determine Reeves' pension expense for 2013 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets.
2. Determine the new gains and/or losses in 2013 and prepare the appropriate journal entry to record them.
3. Prepare a pension spreadsheet to assist you in determining end of 2013 balances in the PBO, plan assets, prior service cost, the net loss-AOCI, and the pension liability-AOCI.

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Definitions:

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An amendment to the United States Constitution that lowered the voting age from 21 to 18.

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