Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2014, the companys actuary provided the following information.

Accumulated other comprehensive loss (PSC)	$155,500
Pension plan assets (fair value and market-related asset value)	197,600
Accumulated benefit obligation	266,100
Projected benefit obligation	383,900

The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2014, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $55,000; the projected benefit obligation was $499,600; fair value of pension assets was $279,400; the accumulated benefit obligation amounted to $373,200. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $13,300. The companys current years contribution to the pension plan amounted to $68,500. No benefits were paid during the year.

	Your answer is partially correct. Try again.

Determine the components of pension expense that the company would recognize in 2014.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Components of Pension Expense
Actual Return on Plan AssetsAmortization of Gain or LossAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService CostUnexpected LossPension Expense	$
Actual Return on Plan AssetsAmortization of Gain or LossAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService CostUnexpected LossPension Expense
Actual Return on Plan AssetsAmortization of Gain or LossAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService CostUnexpected LossPension Expense
Actual Return on Plan AssetsAmortization of Gain or LossAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService CostUnexpected LossPension Expense
Actual Return on Plan AssetsAmortization of Gain or LossAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService CostUnexpected LossPension Expense
Actual Return on Plan AssetsAmortization of Gain or LossAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService CostUnexpected LossPension Expense
Actual Return on Plan AssetsAmortization of Gain or LossAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService CostUnexpected LossPension Expense	$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

	Your answer is partially correct. Try again.

Prepare the journal entry to record the pension expense and the companys funding of the pension plan in 2014.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

	Your answer is partially correct. Try again.

Compute the amount of the 2014 increase/decrease in gains or losses and the amount to be amortized in 2014 and 2015.

2014 Increase/Decrease in GainsLosses	$
Amortization in 2014	$
Amortization in 2015	$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

	Your answer is partially correct. Try again.

Indicate the pension amounts reported in the financial statement as of December 31, 2014.(Enter negative amounts using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).)

Gottschalk Company Income Statement (Partial) For the year ended December 31, 2014
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2014Retained Earnings, December 31, 2014RevenuesTotal ExpensesTotal Revenues
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss)	$

Gottschalk Company Comprehensive Income Statement December 31, 2014
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2014Retained Earnings, December 31, 2014RevenuesTotal ExpensesTotal Revenues	$XXXX
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss)
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss)	$
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss)
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss)
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss)	$XXXX

Gottschalk Company Balance Sheet (Partial) December 31, 2014

AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

Accounts PayableAccounts ReceivableAccumulated DepreciationAccumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossAccumulated Other Comprehensive Income (PSC)Accumulated Other Comprehensive Loss (PSC)Common StockPension Asset/LiabilityRetained Earnings

$

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

Accounts PayableAccounts ReceivableAccumulated DepreciationAccumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossAccumulated Other Comprehensive Income (PSC)Accumulated Other Comprehensive Loss (PSC)Common StockPension LiabilityRetained Earnings

$

Accounts PayableAccounts ReceivableAccumulated DepreciationAccumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossAccumulated Other Comprehensive Income (PSC)Accumulated Other Comprehensive Loss (PSC)Common StockPension LiabilityRetained Earnings

$