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Please follow the instructions, prepare the pension worksheet is required, show all work. Thank you P19.12 (LO 1, 2, 3, 4, 5) (Pension Worksheet) Larson
Please follow the instructions, prepare the pension worksheet is required, show all work. Thank you
P19.12 (LO 1, 2, 3, 4, 5) (Pension Worksheet) Larson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2026, the following balances related to this plan. Plan assets (market-related value) $270,000 Projected benefit obligation Pension asset/ liability Prior service cost OCILoss 340,000 70,000 Cr. 90,000 39,000 As a result of the operation of the plan during 2026, the actuary provided the following additional data for 2026. Service cost Actual return on plan assets Amortization of prior service cost Contributions Benefits paid retirees Settlement rate Expected return on plan assets $45,000 27,000 12,000 65,000 41,000 7% 8% Average remaining service life of active employees 10 years Instructions a. Compute pension expense for Larson for the year 2026 by preparing a pension worksheet that shows the journal entry for pension expense. b. Indicate the pension amounts reported in the financial statements.
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