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Please show calculations, Thank you!! 2. Pension Worksheet Perkins Company sponsors a defined benefit pension plan for its employees. The following data relate to the
Please show calculations,
Thank you!!
2. Pension Worksheet Perkins Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for 2019. Projected Benefit Obligation, January 1, $760,000 Plan Assets, January 1, $532,000 OCI - Prior Service Cost, January 1, $109,000 DR OCI - Gain/Loss, January 1, $91,000 DR Service Cost $60,000 Settlement Rate, 10% Expected Rate of Return, 8% Actual Return on Plan Assets, $59,000 Amortization of Prior Service Cost, $26.000 Annual Contributions, $83.000 Benefits Paid Retirees. $58,000 On January 1, Perkins amends the plan and grants prior service cost with a present value of $82,000. Changes in actuarial assumptions resulted in an end-of-year projected benefit obligation of $836,000. Average service life of all covered employees is 15 years. Instructions: (a) Prepare a pension worksheet for 2019. Use the worksheet provided for your answer. (b) Prepare any journal entry/entries related to the pension plan as of December 31, 2019. Place your journal entry/entries at the bottom of the worksheet. Use the pension worksheet provided for yourStep by Step Solution
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