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Current year records of Lexxus Company provide the following data related to its noncontributory defined benefit pension plan. Account Balances Jan. 1 Projected Benefit Obligation
Current year records of Lexxus Company provide the following data related to its noncontributory defined benefit pension plan. Account Balances Jan. 1 Projected Benefit Obligation $3,000 Plan Assets 2,400 Accumulated OCIPrior Service Cost - Accumulated OCIPension Gain/Loss - Activity for the Year Service cost $1,200 Interest cost 240 Pension benefits paid 400 Actual return on plan assets 168 Contributions 1,024 Other Expected rate of return of plan assets 7% Discount rate 8% Required a. Compute net periodic pension expense reported for the year. b. Prepare a reconciliation for (1) plan assets and (2) projected benefit obligation. c. Provide the entries to record (1) pension expense, (2) funding, and (3) payment of benefits. d. Determine the plan's funded status at the beginning and end of the year. e. Indicate the amounts that would appear on the income statement and year-end balance sheet. f. Create a worksheet to summarize the pension data at the end of the year
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