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6. Baker Co. provides the following information related to its pension plan for the year 2022 Beqinning Bolances - January 1,2022 Plan Assets $434,000 Projected
6. Baker Co. provides the following information related to its pension plan for the year 2022 Beqinning Bolances - January 1,2022 Plan Assets $434,000 Projected Benefit Obligation - $436,700 Pension Asset/Liability $2,700cr Accumulated OCl - Prior Service Cost $0 Plan amendment for Prior Service Cost - $85,000 Annual Service Cost $41,000 Settlement Rate - 10% Actual Return on Plan Assets - $55,200 Expected Return on Plan Assets $46,000 Funding Contributions $76,000 Benefits Paid to Retirees during the year $61,500 Amortization of Prior Service Cost $4,250 (Straight Line) a. Complete a Pension Worksheet using the above data. b. What is total Pension Expense to be reported in 2022? c. What is the balance of each of the following at December 31,2022 ? Plan Assets Projected Benefit Obligation Pension Asset/Liability Accumulated OCl - Prior Service Cost d. Prepare the journal entry Baker Co. will make to record their pension expense for 2022
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