At the end of the current year, Chelsey Company has a projocted benefit obligation of $600,000 for its ponsion plan, and the fair value of its pension plan asseti is $580,000. Chelsey has a credit balance of $32,000 in its Acorued Prepaid Ponsion Cost acoount. Required: 1. Prepare the joumal entry to adjust is AccruedPropaid Pansion Cost acoount Assume tsat the difforence beheoen the projected benent obuigntion and the fair value of the pension plan assets is dus to the actual retum on pian assets being dikorent from the expocted retum on plan assets. 2. Indicate the amount Chelsoy would repont as its AccruedPrepaid Pension Cost and where they would repart it Prepare fhe joumal entry to adfust its AcorvedPrepaid Pensian Cest account on December 3t. Assume that the difference befwnen the prajected bencot obligation and the fair value of the pension plan assets is due to the actuat retum on plan assefs boing different from the expected resum on plan assots How does sredine mork