USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,860,000 and the defined benefit obligation was $7,345,000. Invoking the asset ceiling caps the net defined benefit asset at $353,000. Required: Prepare the journal entry to correctly recognize the net defined benefit asset. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for net defined benefit asset. Note: Enter debits before credits. >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,860,000 and the defined
benefit obligation was $7,345,000. Invoking the asset ceiling caps the net defined benefit asset at $353,000.
Required:
Prepare the journal entry to correctly recognize the net defined benefit asset. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
1
Record the adjusting entry for net defined benefit asset.
Note: Enter debits before credits.
>
Transcribed Image Text:USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,860,000 and the defined benefit obligation was $7,345,000. Invoking the asset ceiling caps the net defined benefit asset at $353,000. Required: Prepare the journal entry to correctly recognize the net defined benefit asset. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for net defined benefit asset. Note: Enter debits before credits. >
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