I need a worksheet related to the benefit pension plan offered by AAA Inc. for its employees as well as issue the journal entries to reflect all pension plan transactions and events in a year.
Ms. Blue apparently wasn't up on pension accounting because the plan file contains only the following note: Remember to tell boss that I need help with accounting for these
things! C.B. It takes a couple of days to assemble the information you need, but you finally get it all together and summarize it as follows:
Pension Plan
2009
2010
Projected Benefit Obligation
65,000
Plan Assets (fair value), January 1
41,000
Pension asset/liability January 1 (credit)
24,000
Prior service cost, January 1
16,000
Service cost
4,000
5,900
Settlement rate
10%
10%
Expected rate of return
10%
10%
Actual return on plan assets
3,600
6,100
Amortization of prior service cost
7,000
5,500
Annual contributions 7,200
8,100
Benefits paid to retirees
3,150
5,400
Increase in pension benefit obligations due to actuarial assumptions
8,700
0
Accumulated benefit obligations at December 31
72,180
78,900
Average service life of all employees
20 years
Vested benefit obligation—December 31
46,400
Use the information provided Need a pension worksheet using Microsoft Excel for both years 2009 and 2010
and the necessary computations and amortization of the loss (2010), using the corridor
approach.
Prepare in the same worksheet the journal entries to reflect all pension plan
transactions and events at December 31 of each year.
For 2010, indicate (in the same worksheet) the pension amounts to be reported
in the financial statements.
in 1 paragraph, explain alternative measures for valuing the pension obligation.
What would you advise for AAA?

SuperTutor

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Status NEW Posted 11 Jul 2017 06:07 AM My Price 15.00

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