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The pension worksheet should be in this format TUULLIIL Instructions (a) Prepare a pension worksheet presenting all 3 years' pension balances and activities. (b) Prepare
The pension worksheet should be in this format
TUULLIIL Instructions (a) Prepare a pension worksheet presenting all 3 years' pension balances and activities. (b) Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (c) Indicate the pension-related amounts reported in the financial statements for 2013. (LO 6, 7, 8, P20-3 (Pension Expense, Journal Entries, Amortization of Loss) Paul Dobson Company sponsors a defined benefit plan for its 100 employees. On January 1, 2010, the company's actuary provided the following information. 9) Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $150,000 200,000 260,000 350,000 The average remaining service period for the participating employees is 10.5 years. All employees are expected to receive benefits under the plan. On December 31, 2010, the actuary calculated that the pres- ent value of future benefits earned for employee services rendered in the current year amounted to $52,000; the projected benefit obligation was $452,000; fair value of pension assets was $276,000; the ac- cumulated benefit obligation amounted to $365,000. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11,000. The company's current year's contribution to the pension plan amounted to $65,000. No benefits were paid during the year. ITEMS Memo Record Corporation Pension Worksheet 200 General Journal Entries OCI Prior Service Cash Cost Gain/Loss Annual Pension Expense Pension Assets/ Libilities Projected Benefit Obligation Plan AssetsStep by Step Solution
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