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(LO 6, 7.8, P20-3 (Pension Expense, Journal Entries, Amortization of Loss) Paul Dobson Company sponsors a defined benefit plan for its 100 employees. On January 1, 2010, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $150.000 200.000 260,000 380,000 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2010, the actuary calculated that the pres ent value of future benefits earned for employee services rendered in the current year amounted to $52,000, the projected benefit obligation was $490,000, fair value of pension assets was $276,000, the ac cumulated benefit obligation amounted to $365,000. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11,000. The company's current year's contribution to the pension plan amounted to $65,000. No benefits were paid during the year Instructions (Round to the nearest dollar) (a) Determine the components of pension expense that the company would recognize in 2010. (With only one year involved, you need not prepare a worksheet.) (b) Prepare the journal entry to record the pension expense and the company's funding of the pen. sion plan in 2010. (c) Compute the amount of the 2010 increase/decrease in gains or losses and the amount to be amor tized in 2010 and 2011 (d) Indicate the pension amounts reported in the financial statement as of December 31, 2010, A) Components of pension expense company would recognize in 2010: ($) Service cost 52,000 Interest on projected benefit (380,000 x 10%) 38.000 Actual return on plan assets (11.000) Amortization of prior service cost (150.000/10 yrs) 15,000 Amortization of gain or loss Unexpected loss (10% x 200.000)-11,000) (9.000) Pension expense for 2010 $85,000 B) Journal entry to record pension expense and company's funding of pension plan in 2010: Particulars Debit() Credit(5) 85,000 29.000 Pension expense OCI ( GL) OCI (PSC) Cash Pension asset/Liability 15,000 65.000 34.000 C) Amount of 2010 Increase/ decrease in gains or losses and the amount to be amortized in 2010 and 2011: New actually computed PBO $490,000 Less: PBO $380.000 Interest $38,000 Service Cost $52,000 Less: Benefits $470,000 Total Liability Loss $20,000 $276,000 Fair value of plan assets Less: Expected value Expected return Contributions Less: Benefits Asset Loss $200,000 $20,000 $65,000 $0 $285,000 $9.000 Total Asset Loss (20,000+9,000) 29,000 D) Pension amounts reported in the financial documents of Dec 31, 2010 Income statement: 85.000 Pension expense Comprehensive income statement Net Income Other Comprehensive Income (PSC) Asset gain (9,000) Liability Gain (loss) (20,000) PSC amortization 15,000 Comprehensive income (14,000) Balance sheet: Liabilities Pension liability (380,000-200,000) + 34,000 214.000 Stockholder equity Accumulated other comprehensive income loss (PSC) 135,000(150,000-15000) Accumulated other comprehensive income 29,000