Question
The information for the defined benefit pension plan of Samson Corp. for 2019 are the following: Projected benefit obligation, 1/1/19: 7,837,500 Plan assets, 1/1/19: 8,250,000
The information for the defined benefit pension plan of Samson Corp. for 2019 are the following:
Projected benefit obligation, 1/1/19: 7,837,500 Plan assets, 1/1/19: 8,250,000 Accumulated OCI-Prior Service Cost, 1/1/19 (this is remaining balance due to recognition and amortization of prior years): 16,500 Settlement rate: 5.0% Service cost: 1,485,000 Contributions (funding): 1,175,625 Actual (expected) return on plan assets: 627,000 Benefit paid to retirees: 990,000 On December 31, 2019, Rydell Corp., through plan amendment, grants additional prior service benefits having a present value of: 1,959,375 Prior service cost amortization for 2019: 235,125.00
1) Fill out a pension work sheet (25 points)
How does the Pension Worksheet change when the projected benefits are reported at the end of the year instead of the beginning of the year? What would the Pension Worksheet look like?
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