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Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017: 2016 2017 Service cost $150,000 $160,000 Projected benefit obligation (1/1) 112,500 269,250 Plan assets (1/1) 112,500 275.750 Company contribution (funded 12/31) 156,500 170,000 Discount rate 6% 6% Expected long-term (and actual) rate of return on plan assets 6% 6% There are no other components of Baron's pension expense.

Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017: 2016 2017 Service cost $150,000 $160,000 Projected benefit obligation (1/1) 112,500 269,250 Plan assets (1/1) 112,500 275.750 Company contribution (funded 12/31) 156,500 170,000 Discount rate 6% 6% Expected long-term (and actual) rate of return on plan assets 6% 6% There are no other components of Baron's pension expense.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017: 2016 2017 Service cost $150,000 $160,000 Projected benefit obligation (1/1) 112,500 269,250 Plan assets (1/1) 112,500 275.750 Company contribution (funded 12/31) 156,500 170,000 Discount rate 6% 6% Expected long-term (and actual) rate of return on plan assets 6% 6% There are no other components of Baron's pension expense.
Transcribed Image Text:Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017: 2016 2017 Service cost $150,000 $160,000 Projected benefit obligation (1/1) 112,500 269,250 Plan assets (1/1) 112,500 275.750 Company contribution (funded 12/31) 156,500 170,000 Discount rate 6% 6% Expected long-term (and actual) rate of return on plan assets 6% 6% There are no other components of Baron's pension expense.
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