I Need the answer to the following. I have my answer below but it is not correct.

Respond to the following. Submit journal entries in an Excel Template, linked at the bottom of this page. Any written segments should be included in Excels comments function. Do not submit two separate documents, as only one document can be accepted. For written answers, make sure your responses are well written, formatted per theCSU-Global Guide to Writing and APA Requirements.

Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2015, the following balances relate to this plan.

Plan assets	$480,000
Projected benefit obligation	625,000
Accumulated OCI (PSC)	100,000

As a result of the operation of the plan during 2015, the following additional data are provided by the actuary.

Service cost for 2015	$90,000
Settlement rate	9%
Actual return on plan assets in 2015	57,000
Amortization of prior service cost	19,000
Expected return on plan assets	52,000
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions	76,000
Contributions in 2015	99,000
Benefits paid retirees in 2015	85,000

Download the Excel Template linked at the bottom of this page, containing the spreadsheets you will need for this exercise.

1. Use the spreadsheet Pensions to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss.
2. Compute the same items as in (#1), assuming that the settlement rate is now 7% and the expected rate of return is 10%.
3. Prepare the journal entry using the spreadsheet Journal Entries to record pension expense in 2015. You need to prepare journal entries for only #1 above.
4. Indicate the reporting of the 2015 pension amounts in the income statement and balance sheet using the spreadsheet Pensions. You need to show financial statements presentations for only #1

#1 General Journal Entries Items Balance, Jan. 1, 2015 Service cost Interest cost Actual Return Expected Return Amortization of PSC Contributions Benefits Liability increase Journal entry for 2015 Annual Pension Expense Cash OCIPrior Service Cost 100000 Dr. 90000 Dr. 56250 Dr. 57000 Cr. 5000 Dr 19000 Dr. 19000 Cr. 99000 Cr. 113250 Dr 99000 Cr. Accumulated OCI, Dec. 31, 2014 Balance, Dec. 31, 2015 19000 Cr. 81000 Dr. #2 General Journal Entries Items Balance, Jan. 1, 2015 Service cost Interest cost Actual Return Expected Return Amortization of PSC Contributions Benefits Liability increase Journal entry for 2015 Accumulated OCI, Dec. 31, 2014 Balance, Dec. 31, 2015 Annual Pension Expense Cash OCIPrior Service Cost 100000 Dr. 90000 Dr. 43750 Dr 57000 Cr. 9000 Dr. 19000 Dr. 19000 Cr. 99000 Cr. 104750 Dr. 99000 Cr. 19000 Cr. 81000 Dr. OCI Gain/Loss Pension Asset/Liability 145000 Cr. Memo Record Projected Benefit Obligation 625000 Cr. 90000 Cr. 56250 Cr. Plan assets 480000 Dr. 57000 Dr. 5000 Cr. 85000 Dr. 76000 Cr. 99000 Dr. 85000 Cr. 76000 Dr. 71000 Dr. 85250 Cr 71000 Dr. 145000 Cr 762250 Cr. 551000 Dr Pension Asset/Liability Memo Record Projected Benefit Obligation Plan assets OCI Gain/Loss 145000 Cr 625000 Cr. 90000 Cr. 43750 CR 480000 Dr. 57000 Dr. 9000 Cr. 85000 Dr. 76000 Cr. 76000 Dr. 76000 Dr. 81750 Cr 67000 Dr. 145000 Cr. 749750 Cr 99000 Dr. 85000 Cr. 551000 Dr Prepare the journal entries to record the following. Dec 31, 15 Amount Amount Pension Expense 113,250 OGI Gain/Loss 71,000 Service Plan Costs Postretirement asset/liability 85,250 Cash 99,000 Provide a one line explanation for the reason why the journal entry has been Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has been Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has been Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has been Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has been Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has been made. Melanie Vail Corp. Income Statement 12.31.2015 Net Pension Expense 217250 Melanie Vail Corp. Balance Sheet 12.31.2015 Beginning Balance Service cost Interest cost Assumption change Experience loss Benefits paid Pension plan 625000 -90000 -56250 5000 -76000 -85000 322750