Question
+ Pension Accounting: Velstra Company provides the following information about its defined benefit pension plan for 2022. Service cost $ 78,000 Contribution to the
+ Pension Accounting: Velstra Company provides the following information about its defined benefit pension plan for 2022. Service cost $ 78,000 Contribution to the plan 98,000 Prior service cost amortization 16,000 Actual and expected return on plan assets 84,000 Benefits paid 60,000 Plan assets at January 1, 2012 750,000 Projected benefit obligation at January 1, 2022 900,000 Accumulated OCI (PSC) at December 31, 2021 180,000 Interest/discount (settlement) rate 10% Prepare a pension worksheet and answer the following questions: Pension Worksheet I Pension Items Expense Cash PSC Balance @ 01/01/2012 0 Service Cost Interest Cost Asset Return Amort. Of PSC Contributions Benefits Paid Liability Gain Journal Entry AOCI - 12/31/11 Dec. 31st, 2012 16) What is the pension expense for the year 2022? 17) Prepare the journal entry for 2022: Pension Asset/Liability (150,000) Memo Record Projected Benefit Obligation Plan Assets (900,000) 750,000
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