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Ashton Toy Company has a noncontributory, defined benefit plan. On December 31, 2022 (fiscal year end) the following pension related data was available: Pension
Ashton Toy Company has a noncontributory, defined benefit plan. On December 31, 2022 (fiscal year end) the following pension related data was available: Pension Benefit Obligation Balance, January 1, 2022 Service Cost Interest Cost, discount rate 6% Loss/(Gain) due to 2022 plan changes Pension benefits paid Balance, December 31, 2022 $ in millions 510 90 31 10 (55) 586 Plan Assets Balance, January 1, 2022 480 Actual Return on assets (expected return $36) 40 Cash Contributions 70 Pension benefits paid (55) Balance, December 31, 2022 535 January 1, 2022 Balances REQUIRED: Net Pension Asset / (Liability) Prior Service Cost - AOCI (amortization $8 per year) Return G/L - AOCI (any amortization over 15 years) SHOW YOUR WORK 1) Prepare the Pension Spreadsheet. (use either template) 2) Prepare the 2022 journal entries required. (30) 48 DR 81 DR
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