Problems:1. Llano, Inc. started a pension plan on January 1, 2014. At that date, prior toservice cost was granted to employees. The following information was availableabout the plans for 2014 and 2015.20142015Service Cost$100,000$110,000Employer contributions at end of year120,000123,000Discount rate5%5%Expected annual return on plan asset8%8%Prior service cost granted on January 1, 2014220,0000Average remaining service life10 years10 yearsRequired:a) Compute the pension expense for 2014 and 2015b) Prepare appropriate journal entries for 2014 only.c) Determine the Projected Benefit Obligation (PBO), the fair value of planassets, and the funded status of the plan at December 31, 2014.
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