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 20X5, $250,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $72,000. For funding purposes Funding was $102,000 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 $106,000. A plan amendment resulted in a past service cost of $45,000 being granted. Total funding of the pension plan was $123,000, on 31 December 20X6. Actual return on fund assets was $9,400. An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $40,000 increase in the defined benefit obligation, as of 31 December 20X6. Pension Plan Assets Pension Expense Net Pension Asset/Liab. Accumulated OCI Obligation 20X6 Opening CSC Net interest PSC (new) Actual return versus expected Revaluation Funding 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 20X5, $250,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $72,000. For funding purposes Funding was $102,000 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 $106,000. A plan amendment resulted in a past service cost of $45,000 being granted. Total funding of the pension plan was $123,000, on 31 December 20X6. Actual return on fund assets was $9,400. An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $40,000 increase in the defined benefit obligation, as of 31 December 20X6. Pension Plan Assets Pension Expense Net Pension Asset/Liab. Accumulated OCI Obligation 20X6 Opening CSC Net interest PSC (new) Actual return versus expected Revaluation Funding