Jones Manufacturing Inc. sponsored a defined benefit pension

plan effective $1$ January $20$X$7.$ The company uses the projected unit

credit actuarial cost method for funding and accounting. Long$-$term

corporate bonds have a yield of $3\%.$ Employees were granted partial

credit for past service. The past service obligation has been

measured at $$1,660,000$ as of $1$ January $20$X$7.$ The company will pay

$$208,000($for past service$)$ plus all current service cost to the

pension plan trustee each $31$ December beginning $31$ December $20$X$7.$

This funding arrangement will continue for five years and then be

re$-$evaluated.$$Data for $20$X$7$ and $20$X$8$Required:

Prepare a spreadsheet containing all relevant pension information

for $20$X$7$ and $20$X$8.$

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