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Monty Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $201,800; projected benefit
Monty Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $201,800; projected benefit obligation $254,000. Other data relating to 3 years operation of the plan are as follows.
2016 | 2017 | 2018 | |||||||
Annual service cost | $16,100 | $18,900 | $26,500 | ||||||
Settlement rate and expected rate of return | 10 | % | 10 | % | 10 | % | |||
Actual return on plan assets | 17,900 | 22,150 | 24,400 | ||||||
Annual funding (contributions) | 16,100 | 39,900 | 48,600 | ||||||
Benefits paid | 14,300 | 16,000 | 21,000 | ||||||
Prior service cost (plan amended, 1/1/17) | 159,700 | ||||||||
Amortization of prior service cost | 54,800 | 41,700 | |||||||
Change in actuarial assumptions establishes a December 31, 2018, projected benefit obligation of: | 528,300 |
(a)
Prepare a pension worksheet presenting all 3 years pension balances and activities. (Enter all amounts as positive.)
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