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Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting

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Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes Interest rate used for pension amounts, 5% Past service cost, granted as of 1 January 2005, $360,000. This is also the defined benefit obligation on 1 January Current service cost for 20x5, appropriately measured for accounting purposes. $83,000. For funding purposes Funding was $107,500 in 20x5 for all pension amounts. The payment was made on 31 December Actual earnings on fund assets, zero. . Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. Accumulated OCI 20X5 Beginning - PSC CSC Interest Funding 2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20x6: . Current service cost for accounting was $128,000 A plan amendment resulted in a past service cost of $56,000 being granted. Total funding of the pension plan was $134.000, on 31 December 20X6. Actual return on fund assets was $10,500 An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $51,000 increase in the defined benefit obligation, as of 31 December 20X6 Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. Accumulated OCI 20X6 Opening CSC Net interest PSC (new) Actual return versus expected Revaluation Funding

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