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Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 2016, for prior service cost is 5 years. The average remaining service life of employees is 11 years at

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As per HOMEWORKLIB POLICY first four parts of problems can be answer. Please post separate problem for reaminal parts of problem Ans-1 Computation of Prior service cost for 2017 and 2018: Prior service cost amortlzation AOCI-Prior sorvice co Average remaining service life Year ended 2017 (292,000/5) Vear ended 2018 (292,000/5) $58,400 $58,400 Ans- 2 Computation of Actual Return on Plan Assets Actual return-Ending balance of plan assets-Beginning balance-Contribution -$1,395,000-$1,085,000-$169,000 $141,000 Ans-3 Computation of unexpected gain or loss on plan assets for 2017 Actual return on plan assets Less: Expected return ($1,085,0007%) Unexpected gain $141,000 (75,950) $65,050 Ans4 Computation of pension expenses for 2017: Service cost Add: Interest cost ($1,377,000,596) Less: Expected return Add: Amortization of prior service costs Total Pension Expenses Ans- Journal Entries for 2017 Pension Expense Al/c Dr $117,400 68,850 (75,950) 58,400 S168,700 $168,700 AOCI-Prior service cost A/c $58,400 Pension asset (liability) Al $110,300 (To record pension expenses for 2017)

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Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 2016, for prior service cost is 5 years. The average remaining service life of employees is 11 years at
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