ACC 430 : Intermediate Accounting ? NAME (PRINTnike labssaum PROBLEM DATE-SALi. On January 1, 2011, McGee Co. had the following balances:400.000 Projected benefit obligation Fair value of plan assets 6,000,000 Other data related to the pension plan for 2011 400,000 350,000 contributions to the plan Benefits paid On 1/1/20011, prior service cost was granted having a present value of Actual return on plan assets Settlement rate Expected rate of return Amortized Prior Service cost 150,000 430,000 9% 7% 40,000 50,000 250,000 Amortization of net gain Service cost Required: (a) Calculate pension expense for 2011. (b) Prepare the journal entry to record pension expense and the contributions for 2011 (c) Determine the amount of pension asset/ liability that should be reported on the balance sheet December 31, 2011. (Show computation!!) Determine the balance of the Projected Benefit Obligation (PBOjat December 31, 2011. (d)