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Preparing a Pension Work Sheet
The following data relate to the defined benefit pension plan of Haan Company:
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Balances at January 1, 2008: |
 |
|
PBOÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
$3,500 |
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Unrecognized prior service cost                                                  |
$ 150 |
|
Fair value of pension assets                                                     |
$3,000 |
|
ABOÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
$2,800 |
|
Expected return on plan assets                                                   |
7% |
|
Settlement discount rate                                                       |
10% |
|
Activity for 2008: |
 |
|
Service cost                                                                |
$ 400 |
|
Benefit payments to retirees                                                    |
170 |
|
Contributions to pension fund                                                   |
230 |
|
Actual return on plan assets                                                     |
130 |
|
Prior service cost amortization                                                  |
40 |
Instructions:Â Prepare a pension work sheet for Haan Company for 2008.