Larson Corp. sponsors a defined benefit pension plan for its employees.

On January 1, 2015, the following balances related to this plan.

Plan assets (market-related value) $270,000

Projected benefit obligation 340,000

Pension asset/liability 70,000 Cr.

Prior service cost 90,000

OCILoss 39,000

As a result of the operation of the plan during 2015, the actuary provided the following additional data at December 31, 2015. Service cost $45,000 Actual return on plan assets 27,000 Amortization of prior service cost 12,000 Contributions 65,000 Benefits paid retirees 41,000 Settlement rate 7 % Expected return on plan assets 8 % Average remaining service life of active employees 10 years Collapse question part

(a1) Compute pension expense for Larson Corp. for the year 2015 by preparing a pension worksheet that shows the journal entry for pension expense.

	General Journal Entries						Memo Entries
							Projected
	Pension		OCI		Pension		Benefit	Plan
	Expense	Cash	PSC	Gains/Losses	Asset/Liab		Obligation	Assets
Balance, Jan 1
Service Cost
Interest Cost -
Actual return
Unexpected gain/loss
Amort of PSC
Amort of G/L
Funding
Benefits
Liability Gain/Loss
Journal Entry	-	-	-	-
Balance Dec 31,					-		-	-
ACC OCI, Jan 1				-
ACC OCI Dec 31			-	-

a2.) Prepare the journal entries to reflect all pension plan transactionsand events at December 31

b.) Indicate the pension amounts reported in the financial statements.