Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2018, the following balances related to this plan.

Plan assets (fair value) $2,200,000

Projected benefit obligation 2,400,000

Pension asset/liability 200,000 Cr.

Prior service cost 300,000

OCI Loss 260,000

As a result of the operation of the plan during 2018, the actuary provided the following additional data at December 31, 2018.

Service cost for 2018 $280,000

Actual return on plan assets in 2018 180,000

Amortization of prior service cost 60,000

Contributions in 2018 460,000

Benefits paid retirees in 2018 320,000

Settlement rate 7%

Expected return rate 8%

Average remaining service life of active employees 10 years

Instructions

Compute pension expense for Howard Corp. for the year 2018 by preparing a pension worksheet. Copy this table into the submission box by highlighting the text beginning at "Instructions" and to the bottom of the table. Copy (ctrl + c) and then paste (ctrl + v) into the submission box.

Plan assets (fair value) $2,200,000

Projected benefit obligation 2,400,000

Pension asset/liability 200,000 Cr.

Prior service cost 300,000

OCI Loss 260,000

As a result of the operation of the plan during 2018, the actuary provided the following additional data at December 31, 2018.

Service cost for 2018 $280,000

Actual return on plan assets in 2018 180,000

Amortization of prior service cost 60,000

Contributions in 2018 460,000

Benefits paid retirees in 2018 320,000

Settlement rate 7%

Expected return rate 8%

Average remaining service life of active employees 10 years

Instructions

Compute pension expense for Howard Corp. for the year 2018 by preparing a pension worksheet. Copy this table into the submission box by highlighting the text beginning at "Instructions" and to the bottom of the table. Copy (ctrl + c) and then paste (ctrl + v) into the submission box.

Howard Corp. Pension Worksheet - 2018
	General Journal Entries				Memo Record
	Annual Pension Expense	Cash	OCIPrior Service Cost	OCI Gain/Loss	Pension Asset/Liability	Projected Benefit Obligation	Plan Assets
Balance, Jan. 1, 2018
Service cost
Interest cost
Actual return
Unexpected gain
Amortization of PSC
Amortization of loss
Contributions
Benefits
Journal entry for 2018
Accumulated OCI, Dec. 31, 2017
Balance, Dec. 31, 2018