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1. Pension Worksheet Cleary Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for
1. Pension Worksheet Cleary Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for 2022. Projected Benefit Obligation, January 1, $860,000 Plan Assets, January 1 $570,000 OCI - Prior Service Cost, January 1, $115,000 DR OCI-Gain/Loss, January 1, $98,000 DR Service Cost, $50,000 Settlement Rate, 10% Expected Rate of Return, 8% Actual Return on Plan Assets, $62,000 Amortization of Prior Service Cost, $28,000 Annual Contributions, $88,000 Benefits Paid Retirees, $64,000 On January 1, Cleary amends the plan and grants prior service cost with a present value of $86,000. Changes in actuarial assumptions resulted in an end-of-year projected benefit obligation of $920,000. Average service life of all covered employees is 20 years. Instructions: (a) Prepare a pension worksheet for 2022. Use the worksheet provided for your answer. (b) Prepare any journal entry/entries related to the pension plan as of December 31, 2022. Place your journal entry/entries at the bottom of the worksheet
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