Dear accounting tutors, kindly help me with the below assignment thaanks.
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Respond to the following. Submit journal entries in the attached Excel Template.
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Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2015, the following balances relate to this plan.
Plan assets
$480,000
Projected benefit obligation
625,000
Accumulated OCI (PSC)
    100,000
As a result of the operation of the plan during 2015, the following additional data are provided by the actuary.
Service cost for 2015
$90,000
Settlement rate
9%
Actual return on plan assets in 2015
57,000
Amortization of prior service cost
19,000
Expected return on plan assets
52,000
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions
76,000
Contributions in 2015
99,000
Benefits paid retirees in 2015
85,000
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- Use the attached Excel spreadsheet to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss.
- Compute the same items as in (#1), assuming that the settlement rate is now 7% and the expected rate of return is 10%.
- Prepare the journal entry using the spreadsheet Journal Entries to record pension expense in 2015. You need to prepare journal entries for only #1 above.
- Indicate the reporting of the 2015 pension amounts in the income statement and balance sheet using the spreadsheet Pensions. You need to show financial statements’ presentations for only #1 above.
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Posted 09 May 2017 02:05 AM
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