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1: Angel Investigations Inc adopts acceptable accounting standards (FAS 158) for its defined benefit plan on 1/1/10.The initial balances in plan assets and projected benefit
1: Angel Investigations Inc adopts acceptable accounting standards (FAS 158) for its defined benefit plan on 1/1/10.The initial balances in plan assets and projected benefit obligation, as well as other data relating to the subsequent 2 years of the plan operations are as follows: Plan Assets (beginning balance 1/1/10) PBO (beginning balance 1/1/10) Annual Service Costs Settlement Rate Expected Rate of Return Actual Return on Plan Assets Annual Funding Contribution Benefits Paid PBO End Balance at 12/31/10 (due to change in actuarial assumptions) Amort period for Change in Actuarial Assumption and corridor smoothing (in years) PSC (plan Amended 1/1/11) Amount of PSC amortized during 2011 1) $ 100,000 $ 75,000 2010 2011 $ 20,000 $ 25,000 10% 10% 10% 10% $ 18,000 $ 30,000 $ 17,000 $ 50,000 $ 122,500 $ 15,000 $18,000 D 10 $ 111,250 $ 20,000 Prepare a pension worksheet showing all pension activities and balances for 2010 and 2011. Provide all journal entries for the pension worksheet. 2) Prepare the formal journal entries (from the worksheet) to reflect all pension plan transactions and events on the company's financial statements for 2010 and 2011
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