(2-Year Worksheet) On January 1, 2011, Diana Peter Company has the following defined benefit pension plan balances....

Question:

(2-Year Worksheet) On January 1, 2011, Diana Peter Company has the following defined benefit pension plan balances.

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2012, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows.

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Instructions

(a) Prepare a pension worksheet for the pension plan for 2011 and 2012.

(b) For 2012, prepare the journal entry to record pension-related amounts.

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