Problem 20-8 Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2014 and 2015 2014 $603,200 417,900 2015 Projected benefit obligation, January 1 Plan assets (fair value and market-related value), January 1 Pension asset/liability, January 1 Prior service cost, January 1 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Vested benefit obligation at December 31 185,300 Cr 168,700 44,000 $64,400 10% 10% 10% 10% 35,700 70,100 96,900 36,500 92,800 725,400 68,400 53,100 85,100 64,520 790,200 20 years 469,000 Prepare a pension worksheet presenting both years 2014 and 2015 LEMKE COMPANY Pension Worksheet-2014 and 2015 OCI- Gain/Loss Annual Pension Expense OCI-Prior Service Cost tems Cash Balance. Jan, 1. 2014 Prepare a pension worksheet presenting both years 2014 and 2015 LEMKE COMPANY Pension Worksheet-2014 and 2015 General Journal Entries Cash Annual Pension Expense oCI-Prior Service Cost OCI- Gain/Loss tems Balance, Jan. 1, 2014 Dr Service cost 44000 Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Increase in PBO Journal entry for 2014 Accumulated OCI, Dec. 31, 2013 Balance, Dec. 31, 2014 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2015 Accumulated OCI, Dec. 31, 2014 Accumulated OCI, Dec. 31, 2014 Balance, Dec. 31, 2015 Accompanying computations and amortization of the loss (2015) using the corridor approach Amortization of the loss SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Credit account titles are automat Date Account Titles and Explanation Debit Credit Dec. 31, 2014 Dec. 31, 2015