Business, 29.01.2021 17:30 DondreeColeman

The Warren Group’s pension expense is $67 million. This amount includes a $70 million service cost, a $50 million interest cost, a $55 million reduction for the expected return on plan assets, and a $2 million amortization of a prior service cost. 1. Determine the components of pension expenses that affects the net pension liability.
Service cost
amortization of prior service cost
interest cost
expected return on plan assets
2. Prepare the journal entry to record the pension expense.

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The Warren Group’s pension expense is $67 million. This amount includes a $70 million service cost,...

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