Pension Accounting: The following information pertain to problems

At January 1, 2010, Ansel Company had plan assets of $960,000 and a projected benefit obligation of the same amount. During 2010, service cost was $95,000, the settlement rate was 10%, actual and expected return on plan assets were $110,000, contributions were $60,000, and benefits paid were $55,000.

Part A Prepare a pension worksheet for Ansel Company for 2010 (use the grid below)

Pension Worksheet						Memo Record
Items	Pension Expense	Cash	PSC	Pension Asset/Liability		Projected Benefit Obligation	Plan Assets
Balance @ 01/01/2010
Service Cost
Interest Cost
Asset Return
Amort. Of PSC
Contributions
Benefits Paid
Journal Entry
Dec. 31st, 2010

Part B Prepare the journal entry to record the pension expense

		DR	CR