o illustrate the use of a worksheet, the following facts apply to Magic Company for the year 2022 Plan assets, January 1, 2022...................................... . Projected benefit obligation, January 1, 2022 ............. . Annual service cost for 2022 ....................................... . $450,000 450,000 27,000 Settlement rate for 2022.............................................. . Actual return on plan assets for 2022.......................... . Contributions (funding) in 2022 ................................... . Benefits paid to retirees in 2022.................................. . 7% 30,000 32,000 17,000 2. To illustrate the use of a worksheet with amortization of unrecognized prior service costs, the following facts apply to Magic Company for the year 2023: Present value of prior service benefits granted January 1, 2023.... $42,000 Annual service cost for 2023 .......................................................... 28,000 Settlement rate for 2023.. ........ ........ ....... ...... ............. .. .......... ......... 7% Actual return on plan assets for 2023............................................. 31,000 Contributions (funding) in 2023 ...................................................... 29,000 Benefits paid retirees in 2023.................................................... .. . . . 24,000 Amortization of prior service costs ................................................. 17,500 3. Continuing the Magic Company illustration into 2022, the following facts apply to the pension plan: Annual service cost for 2024.............................................. Settlement rate is 7%; expected earnings rate is 7% Actual return on plan assets for 2024 ................................ . Amortization of PSC in 2024 ............................................. . Contributions (funding) in 2024 .......................................... Benefits paid to retirees in 2024 ........................................ . Changes in actuarial assumptions establish the end-of-year projected benefit obligation ................... . $29,000 28,000 21,000 32,000 20,000 640,0