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Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2013. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. A consulting firm, engaged as actuary, recommends 5% as the appropriate discount rate. The service cost is $240,000 for 2013 and $330,000 for 2014. Year-end funding is $250,000 for 2013 and $260,000 for 2014. No assumptions or estimates were revised during 2013.
Required: Calculate each of the following amounts as of both December 31, 2013, and December 31, 2014
1. Projected benefit obligation
2. Plan assets
3. Pension expense
4. Net pension asset or net pension liability
Prepare an adjusting entry, if necessary, to record the year-end fair values adjusting for the portfolio of short-term investment in available –for-sale securities.
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