Bobs Bait Shop Inc., a chain of fishing stores, sponsors a defined benefit pension plan for its employees. The plans trustee reports the following information for calendar Year 3:

Defined benefit obligation, Jan 1................... $220,000

Fair value of plan assets, Jan 1..................... 180,000

Current service cost................................... 90,000

Actual return on plan assets......................... 21,000

Contributions (made at the end of the year).... 70,000

Benefits paid to retirees.............................. 110,000

Interest (discount) rate............................... 10%

Past service costs (effective Jan. 1, Year 3)..... 10,000

Expected return on plan assets is 10% of the beginning balance.

Instructions

a. Completely fill in the pension spreadsheet below. Include ending balances in Net Defined Benefit liability, DBO, and Plan assets.

b. Prepare the required pension-related journal entries. Use standard journal entry format.

Instructions

a. Fill in the pension spreadsheet below.

	Remeas- urement Gain/loss	Pension expense	Cash	Net Defined Benefit Liab/asset	DBO	Plan assets
Opening balance
Past service cost
Current service cost
Interest cost
Estimated return
Actual return adejusted
Contribution
Benefit paid
Expenses entries
Contribution entries
Closing balances