The following information is available for ACME Incorporated's defined benefit pension plan for the year ended December 31, 2021, assume that the funding valuation is equal to the accounting valuation for plan assets.

Defined benefit obligation, opening balance	$ 200,000
Fair value of plan assets, opening balance	225,000
Current service cost	50,000
Interest rate	10%
Actual return on plan assets	9,000
Contributions (funding) paid Dec 31	62,000
Benefits paid to retirees Dec 31	50,000
Past service cost due to plan amendment December 31	87,000

Required:

1. Using the information provided above, complete a pension worksheet under ASPE.
2. Using the pension worksheet, prepare the required journal entries for the pension plan. Answer - Part 1:

Items	Annual Defined Benefit Expense	Cash	Net Defined Benefit (Liability) / Asset	Defined Benefit Obligation	Plan Assets

Answer - Part 2: