Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answer must be in excel sheet format. Kleinfeld Manufacturing sponsors a defined-benefit pension pian. The corporation?s actuary provides the following information about the plan. January
answer must be in excel sheet format.
Kleinfeld Manufacturing sponsors a defined-benefit pension pian. The corporation?s actuary provides the following information about the plan. January 1, December 31, 2014 2014 Vested benefit obligation $600 S750 Accumulated benefit obligation 750 895 Projected benefit obligation 860 980 Plan assets (fair value) 610 696 Settlement rate and expected rate of return 6% Pension asset/liability 250 ? Accumulated OCI (PSC) 150 Service cost for the year 2014 143 Contributions (funding in 2014) 100 Benefits paid in 2014 75 The average remaining service life per employee is 10 years. Instructions (a) Prepare a pension worksheet for 2014 in EXCEL. Include in the worksheet the calculation of pension expense, prior service cost amortization, actual/expected/unexpected return, contributions, and benefit payments. (b) Prepare the journal entry to record pension expense and plan contributionsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started