Question 16 3. Firm X began a defined benefit pension plan for its one employee, Tyler, on 1/1/2021. Tyler is expected to retire in four years on 12/31/2024 Tyler's salary at the inception of the plan is $50,000 and it is expected to grow at the rate of 3% per year until his retirement (ie, four years of growth). In addition, Tyler is getting credit for his 10 years of prior service to Firm X. The pension formula used by Firm X is: Annual retirement payment = 2%x (years of service) (final salar It is expected that Tyler will receive 10 retirement checks starting after his retirement date The settlement rate is 10%. The expected rate of return on plan assets is 10% All expectations are realized (e.g. expected returns equal actual returns) and there is no change in actuarial assumptions during the period 1/1/2021 through 12/31/2024 Firm X contributes $35,000 into the pension fund on the first day of each year (1/1/2021, 1/1/2022, 1/1/2023, and 1/1/2024). Required: Use a pension worksheet to determine the 2021 Pension Expense, the 12/31/2021 PBO balance, the 12/31/2021 fair value of Plan Assets, and the journal entry for 2021. What is the funded status of the pension plan as of 12/31/21? (35 points) Edit View Insert Format Tools Table Question 16 3. Firm X began a defined benefit pension plan for its one employee, Tyler, on 1/1/2021. Tyler is expected to retire in four years on 12/31/2024. Tyler's salary at the inception of the plan is $50,000 and it is expected to grow at the rate of 3% per year until his retirement ft.e, four years of growth). In addition, Tyler is getting credit for his 10 years of prior service to Firm X. The pension formula used by Firm X is: Annual retirement payment = 24 x (years of service) x (final salan It is expected that Tyler will receive 10 retirement checks starting after his retirement date. The settlement rate is 10%. The expected rate of return on plan assets is 10% All expectations are realized (e... expected returns equal actual returns) and there is no change in actuarial assumptions during the period 1/1/2021 through 12/31/2024 Firm X contributes $35,000 into the pension fund on the first day of each year (1/1/2021, 1/1/2022, 1/1/2023, and 1/1/2024). Required: Use a pension worksheet to determine the 2021 Pension Expense, the 12/31/2021 PBO balance, the 12/31/2021 fair value of Plan Assets, and the journal entry for 2021. What is the funded status of the pension plan as of 12/31/21? (35 points) Edit View Insert Format Tools Table Question 16 O pts 3. Firm X began a defined benefit pension plan for its one employee, Tyler, on 1/1/2021. Tyler is expected to retire in four years on 12/31/2024. Tyler's salary at the inception of the plan is $50,000 and it is expected to grow at the rate of 3% per year until his retirement (ie, four years of growth). In addition, Tyler is getting credit for his 10 years of prior service to Fium X. The pension formula used by Firmy Annual retirement payment = 24 x (yee se) x (final salary) It is expected that Tyler will receive 10 re it checks starting one year after his retirement date. The settlement rate is 10%. The expected rate of return on plan assets is 10% All expectations are realized (e.g, expected returns equal actual returns) and there is no change in actuarial assumptions during the period 1/1/2021 through 12/31/2024 Firm X contributes $35,000 into the pension fund on the first day of each year (1/1/2021, 1/1/2022, 1/1/2023, and 1/1/2024). Required: Use a pension worksheet to determine the 2021 Pension Expense, the 12/31/2021 PBO balance, the 12/31/2021 fair value of Plan Assets, and the journal entry for 2021. What is the funded status of the pension plan as of 12/31/21? (35 points) Edit View insert Format Tnale Tahle Question 16 3. Firm X began a defined benefit pension plan for its one employee, Tyler, on 1/1/2021. Tyler is expected to retire in four years on 12/31/2024 Tyler's salary at the inception of the plan is $50,000 and it is expected to grow at the rate of 3% per year until his retirement (ie, four years of growth). In addition, Tyler is getting credit for his 10 years of prior service to Firm X. The pension formula used by Firm X is: Annual retirement payment = 2%x (years of service) (final salar It is expected that Tyler will receive 10 retirement checks starting after his retirement date The settlement rate is 10%. The expected rate of return on plan assets is 10% All expectations are realized (e.g. expected returns equal actual returns) and there is no change in actuarial assumptions during the period 1/1/2021 through 12/31/2024 Firm X contributes $35,000 into the pension fund on the first day of each year (1/1/2021, 1/1/2022, 1/1/2023, and 1/1/2024). Required: Use a pension worksheet to determine the 2021 Pension Expense, the 12/31/2021 PBO balance, the 12/31/2021 fair value of Plan Assets, and the journal entry for 2021. What is the funded status of the pension plan as of 12/31/21? (35 points) Edit View Insert Format Tools Table Question 16 3. Firm X began a defined benefit pension plan for its one employee, Tyler, on 1/1/2021. Tyler is expected to retire in four years on 12/31/2024. Tyler's salary at the inception of the plan is $50,000 and it is expected to grow at the rate of 3% per year until his retirement ft.e, four years of growth). In addition, Tyler is getting credit for his 10 years of prior service to Firm X. The pension formula used by Firm X is: Annual retirement payment = 24 x (years of service) x (final salan It is expected that Tyler will receive 10 retirement checks starting after his retirement date. The settlement rate is 10%. The expected rate of return on plan assets is 10% All expectations are realized (e... expected returns equal actual returns) and there is no change in actuarial assumptions during the period 1/1/2021 through 12/31/2024 Firm X contributes $35,000 into the pension fund on the first day of each year (1/1/2021, 1/1/2022, 1/1/2023, and 1/1/2024). Required: Use a pension worksheet to determine the 2021 Pension Expense, the 12/31/2021 PBO balance, the 12/31/2021 fair value of Plan Assets, and the journal entry for 2021. What is the funded status of the pension plan as of 12/31/21? (35 points) Edit View Insert Format Tools Table Question 16 O pts 3. Firm X began a defined benefit pension plan for its one employee, Tyler, on 1/1/2021. Tyler is expected to retire in four years on 12/31/2024. Tyler's salary at the inception of the plan is $50,000 and it is expected to grow at the rate of 3% per year until his retirement (ie, four years of growth). In addition, Tyler is getting credit for his 10 years of prior service to Fium X. The pension formula used by Firmy Annual retirement payment = 24 x (yee se) x (final salary) It is expected that Tyler will receive 10 re it checks starting one year after his retirement date. The settlement rate is 10%. The expected rate of return on plan assets is 10% All expectations are realized (e.g, expected returns equal actual returns) and there is no change in actuarial assumptions during the period 1/1/2021 through 12/31/2024 Firm X contributes $35,000 into the pension fund on the first day of each year (1/1/2021, 1/1/2022, 1/1/2023, and 1/1/2024). Required: Use a pension worksheet to determine the 2021 Pension Expense, the 12/31/2021 PBO balance, the 12/31/2021 fair value of Plan Assets, and the journal entry for 2021. What is the funded status of the pension plan as of 12/31/21? (35 points) Edit View insert Format Tnale Tahle