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I am trying to figure out this problem. I have two like this for homework this week and I can't get this one figured out.

I am trying to figure out this problem. I have two like this for homework this week and I can't get this one figured out.

Ficus Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the

years 2020 and 2021:

(a)Prepare a pension worksheet presenting both years 2020 and 2021 and accompanying computations

and amortization

of the loss (2021) using the corridor approach.

(b)Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and

events at December 31 of each year.

(c)For 2021, indicate the pension amounts reported in the financial statements.

image text in transcribed
Projected benefit obligation, January 1 Plan assets (fair value and market-related value), January 1 Pension asset/liability, January 1 Prior service cost, January 1 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Vested benefit obligation at December 31 2020 $600,000 440,000 160,000 Cr. 400,000 72,000 8% 8% 60,000 80,000 87,000 59,000 -0- 143,000 459,800 -0- -0- 2021 - 0- - 0- - 0- - 0- $ 95,000 8% 8% 54,000 125,000 102,000 63,000 - 0- - 0- 547,000 12 years 292,000

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