Complete in Excel. Ensure Student names & numbers are clearly marked on file name and solution itself. Natalinna Consultants Inc. has had a defined benefit pension plan since January 1,2014 The following represents beginning balances as at January 1, 2018 Market value of Plan Asset $1,105,300; Defined Benefit Obligation $1,355,000; AOCI: Loss of $312,000 Additional Information is as follows: Current Service cost is $176,000 for 2018 and $181,000 for 2019. Company Funding/Contribution is $162,000 for 2018 and $205,000 for 2019. Funding is made on December 31 of each year. Actual return on assets is $39,600 for 2018 and $57,400 for 2019. There is an increase in obligation for $38,000 due to changes in Actuarial assumptions at Dec 31, 2018. There are payments made equal to $43,000 per year to retired employees in both 2018 and 2019 Past service cost of $45,100 from plan amendment dated December 31, 2018: liability is increased because benefits were increased on a retroactive basis. For 2018, the expected interest rate is 4%. For 2019, the expected interest rate is 4.5%. Required 1. 2. 3. 4. Prepare a spreadsheet to determine all the pension items for both 2018 and 2019. Prepare the required journal entries for both 2018 and 2019. Prepare a partial balance sheet and a partial income statement for both 2018 and 2019. Prepare the notes to the financial statements for 2018 only, recording only 8 items from list discussed in class. Note: You can use either the textbook approach or the alternative approach as we discussed in class Complete in Excel. Ensure Student names & numbers are clearly marked on file name and solution itself. Natalinna Consultants Inc. has had a defined benefit pension plan since January 1,2014 The following represents beginning balances as at January 1, 2018 Market value of Plan Asset $1,105,300; Defined Benefit Obligation $1,355,000; AOCI: Loss of $312,000 Additional Information is as follows: Current Service cost is $176,000 for 2018 and $181,000 for 2019. Company Funding/Contribution is $162,000 for 2018 and $205,000 for 2019. Funding is made on December 31 of each year. Actual return on assets is $39,600 for 2018 and $57,400 for 2019. There is an increase in obligation for $38,000 due to changes in Actuarial assumptions at Dec 31, 2018. There are payments made equal to $43,000 per year to retired employees in both 2018 and 2019 Past service cost of $45,100 from plan amendment dated December 31, 2018: liability is increased because benefits were increased on a retroactive basis. For 2018, the expected interest rate is 4%. For 2019, the expected interest rate is 4.5%. Required 1. 2. 3. 4. Prepare a spreadsheet to determine all the pension items for both 2018 and 2019. Prepare the required journal entries for both 2018 and 2019. Prepare a partial balance sheet and a partial income statement for both 2018 and 2019. Prepare the notes to the financial statements for 2018 only, recording only 8 items from list discussed in class. Note: You can use either the textbook approach or the alternative approach as we discussed in class
