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Question - The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2020 and 2021:
Account
2020
2021
Annual Service cost
$1,000,000
$1,200,000
Actual return on plan assets
500,000
600,000
Amortization of prior service cost
250,000
230,000
Annual contribution to the plan
1,050,000
1,230000
Benefits paid to retirees
1,220,000
1,500,000
Settlement rate
5%
Expected rate of return on plan assets
10%
9%
The projected benefit obligation on December 31, 2021, amounted to $8,750,000.
Required -
(a) Using the above information for Marlin Corporation, complete the pension worksheet for 2020 and 2021. Calculated amounts should be supported.
(b) Prepare the journal entry (entries) to reflect the accounting for the company's pension plan for the year ending December 31, 2020 and 2021.
(c) Determine whether there will be any net gains/losses amortization for 2022 using the corridor approach.
(d) Indicate the pension-related accounts and amounts reported in the financial statements (both income statement and balance sheet statement) for 2021.
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