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The following information pertains to A&E Co.'s defined benefit pension plan for the year 2013.
Projected benefit obligation at 1/1/2013
$600,000
Fair value of pension plan assets 1/1/2013
420,000
Unrecognized prior service costs at 1/1/2013
240,000
Service cost
80,000
Amortization of prior service costs
20,000
Contributions to the plan
40,000
Benefits paid
15,000
Actual and expected return on plan assets
6%
Interest/discount rate used
6 %
a. Show calculations to compute the pension expense for 2013.
b. Show calculations to compute the ending balance of the projected benefit obligation at 12/31/2013.
c. Show calculations to compute the ending balance of the plan assets at 12/31/2013.
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