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please show work!! Pension Worksheet xwell Company sponsors a defined benefit pension plan for its employees. The following a relate to the operation of the
please show work!!
Pension Worksheet xwell Company sponsors a defined benefit pension plan for its employees. The following a relate to the operation of the plan for 2022 . Projected Benefit Obligation, January 1, \$946,000 Plan Assets, January 1, \$627,000 OCI - Prior Service Cost, January 1, \$126,000 DR OCI - Gain/Loss, January 1, \$108,000 DR Service Cost, $55,000 Settlement Rate, 10% Expected Rate of Return, 8% Actual Return on Plan Assets, $68,000 Amortization of Prior Service Cost, $31,000 Annual Contributions, $97,000 Benefits Paid Retirees, $70,000 On January 1, Maxwell amends the plan and grants prior service cost with a present value of $95,000. Changes in actuarial assumptions resulted in an end-of-year projected benefit obligation of $990,000. Average service life of all covered employees is 20 years. Instructions: (a) Prepare a pension worksheet for 2022. Use the worksheet provided for your answer. (b) Prepare any journal entry/entries related to the pension plan as of December 31, 2022. Place your journal entry/entries at the bottom of the worksheet. Pension Worksheet xwell Company sponsors a defined benefit pension plan for its employees. The following a relate to the operation of the plan for 2022 . Projected Benefit Obligation, January 1, \$946,000 Plan Assets, January 1, \$627,000 OCI - Prior Service Cost, January 1, \$126,000 DR OCI - Gain/Loss, January 1, \$108,000 DR Service Cost, $55,000 Settlement Rate, 10% Expected Rate of Return, 8% Actual Return on Plan Assets, $68,000 Amortization of Prior Service Cost, $31,000 Annual Contributions, $97,000 Benefits Paid Retirees, $70,000 On January 1, Maxwell amends the plan and grants prior service cost with a present value of $95,000. Changes in actuarial assumptions resulted in an end-of-year projected benefit obligation of $990,000. Average service life of all covered employees is 20 years. Instructions: (a) Prepare a pension worksheet for 2022. Use the worksheet provided for your answer. (b) Prepare any journal entry/entries related to the pension plan as of December 31, 2022. Place your journal entry/entries at the bottom of the worksheet Step by Step Solution
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