On January 1 2025 strott company had a projected benefit obligation of 3,000,000. the company amended its defined benefit plan which resulted in an increase to prior service costs of 800,000 on January 1 2025. the discount rate is 8%. when interest is calculated on the projected benefit obligation in 2025, what is the journal entry? A DR to pension expense $64,000 B debit to pension expense $304,000 C credit to projected benefit obligation $64,000 D credit to projected benefit obligation $304,000 E credit to other comprehensive income $64,000 F credit to other comprehensive income $304,000
On January 1 2025 strott company had a projected benefit obligation of 3,000,000. the company amended its defined benefit plan which resulted in an increase to prior service costs of 800,000 on January 1 2025. the discount rate is 8%. when interest is calculated on the projected benefit obligation in 2025, what is the journal entry? A DR to pension expense $64,000 B debit to pension expense $304,000 C credit to projected benefit obligation $64,000 D credit to projected benefit obligation $304,000 E credit to other comprehensive income $64,000 F credit to other comprehensive income $304,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1 2025 strott company had a projected benefit obligation of 3,000,000. the company amended its defined benefit plan which resulted in an increase to prior service costs of 800,000 on January 1 2025. the discount rate is 8%. when interest is calculated on the projected benefit obligation in 2025, what is the
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