Problem: The following facts apply to the pension plan of Bonita Inc. for the year 2017.
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Plan assets, January 1, 2017
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$462,400
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Projected benefit obligation, January 1, 2017
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462,400
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Settlement rate
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8%
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Service cost
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43,800
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Contributions (funding)
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26,300
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Actual and expected return on plan assets
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49,200
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Benefits paid to retirees
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30,700
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Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts.
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