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Jim is an employee of Cardinal Corp. In 203, after 13 years if faithful service, Cardinal initiated a defined benefit pension plan for Jim. According

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Jim is an employee of Cardinal Corp. In 203, after 13 years if faithful service, Cardinal initiated a defined benefit pension plan for Jim. According to the plan's benefit formula, at the end of each year during retirement, Jim will recelve 3% of the salary that he earned during his final year of employment for each year of service. The Actuary estimates that Jim will retire in 5 years, after which he should live another 4 years. Jim's salary for 202 was $29,000. For 203 it is $30,000. Cardinal estimates that Jim will receive an annual raise of $1,000 each year until retirement. Cardinal will fund the plan by making contributions of $9,981 each year beginning December 31,203 (now). The beginning PBO (and PSC) is $24,425. Complete the exercise at home and turn in next class period for a grade Please show how you get your answers. Unsupported answers will be marked wrong. 10. The PBO at 12/31/5 is 11. The fund balance at 12/31/5 is plan Assels 12. The funded status at 12/31/5 is 13. The Accumulated OCl-PSC balance on the books is The Accumulated OCl-PSC balance on the books is (indicate where it is and whether the balance is a debit or credit) Show the T account 14. The Pension assetlliability balance on the books is $ (Indicate where it is and whether the balance is a dobit or credit) Show the T account Jim is an employee of Cardinal Corp. In 203, after 13 years if faithful service, Cardinal initiated a defined benefit pension plan for Jim. According to the plan's benefit formula, at the end of each year during retirement, Jim will recelve 3% of the salary that he earned during his final year of employment for each year of service. The Actuary estimates that Jim will retire in 5 years, after which he should live another 4 years. Jim's salary for 202 was $29,000. For 203 it is $30,000. Cardinal estimates that Jim will receive an annual raise of $1,000 each year until retirement. Cardinal will fund the plan by making contributions of $9,981 each year beginning December 31,203 (now). The beginning PBO (and PSC) is $24,425. Complete the exercise at home and turn in next class period for a grade Please show how you get your answers. Unsupported answers will be marked wrong. 10. The PBO at 12/31/5 is 11. The fund balance at 12/31/5 is plan Assels 12. The funded status at 12/31/5 is 13. The Accumulated OCl-PSC balance on the books is The Accumulated OCl-PSC balance on the books is (indicate where it is and whether the balance is a debit or credit) Show the T account 14. The Pension assetlliability balance on the books is $ (Indicate where it is and whether the balance is a dobit or credit) Show the T account

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