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any help with this is appreciated! Smith Corp. sponsors a defined-benefit pension plan for its employees 2011, the following balances related to this plan. .

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Smith Corp. sponsors a defined-benefit pension plan for its employees 2011, the following balances related to this plan. . On January 1, Plan assets (market-related value) Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss S500,000 650,000 150,000 Cr 60,000 80,000 As a result of the operation of the plan during 2011, the actuary provided the following additional data at December 31, 2011 S 65,000 8% 55,000 40,000 10,000 110,000 75,000 Service cost for 2011 Settlement rate Actual return on plan assets in 2011 Expected return on plan assets in 2011 Amortization of prior service cost Contributions in 2011 Benefits paid retirees in 2011 Average remaining service life of active employees 10 years Required 1. Using the corridor method, calculate the amount of loss to be amortized from OCI Loss account in 2011 2. Complete the pension worksheet provided on the next page for Smith Corp. for the year 2011. Clearly distinguish debit and credit entries. (You may create your own worksheet using Excel or Word.) 3. Prepare the journal entry for pension expense in 2011 Smith Corp Pension Worksheet 2011 General Journal Entries OCI Prior Memo Record Projected Annual Pension Expense CashtGain Loss Asset/Liability Obligation Assets Service OCI Pension Benefit Plan Balance, Jan. 1, 2011 Journal entry for 2011 Balance, Dec. 31, 2011

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