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The accountant for Marlin Corporation has developed the following information for the company's

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3. Preparing a pension work sheet.;The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2011;Service cost $500,000;Actual return on plan assets 260,000;Annual contribution to the plan 900,000;Amortization of prior service cost 105,000;Benefits paid to retirees 60,000;Settlement rate 10%;Expected rate of return on plan assets 8%;The accumulated benefit obligation at December 31, 2011, amounted to $4,250,000.;Instructions;(a) Using the above information for Marlin Corporation, complete the pension work sheet for 2011. Indicate (credit) entries by parentheses. Calculated amounts should be supported.;(b) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2011.;Marlin CorporationPension Work Sheet-2011;General Journal Entries Memo Entries;Annual OCI Pension Projected;Pension Gain / Asset / Benefit Plan;Expense Cash PSC Loss Liability Obligation Assets;Bal.,Dec. 31,2010 625,000 1,000,000 (3,750,000) 2,750,000

 

Paper#24879 | Written in 18-Jul-2015

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