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The following defined pension data of Sandhill Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Sandhill Corp, through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets $545,000 531,200 13,800 119,000 8% 63,800 60,600 52,000

The following defined pension data of Sandhill Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Sandhill Corp, through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets $545,000 531,200 13,800 119,000 8% 63,800 60,600 52,000

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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The following defined pension data of Sandhill Corp, apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability. 1/1/25 On January 1, 2025, Sandhill Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 $545,000 531,200 13,800 119,000 8% 63,800 60,600 52,000 38,200 16,400 For 2025, prepare a pension worksheet for Sandhill that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.) C C M C M C C V 1 A C A
Transcribed Image Text:The following defined pension data of Sandhill Corp, apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability. 1/1/25 On January 1, 2025, Sandhill Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 $545,000 531,200 13,800 119,000 8% 63,800 60,600 52,000 38,200 16,400 For 2025, prepare a pension worksheet for Sandhill that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.) C C M C M C C V 1 A C A
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