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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The following defined pension data of Doreen Corp. apply to the year 2012.Â
Defined benefit obligation, 1/1/12 (before amendment) ……. $560,000
Plan assets, 1/1/12 …………………………………………….. 546,200
Pension asset/liability ………………………………………. 13,800 Cr
On January 1, 2012, Doreen Corp., through plan amendment,
grants past service benefits having a present value of ………… 100,000
Discount rate ……………………………………………………….. 9%
Service cost ……………………………………………………… 58,000
Contributions (funding) ………………………………………… 55,000
Actual (expected) return on plan assets …………………………. 52,280
Benefits paid to retirees ………………………………………… 40,000
Past service cost amortization for 2012 ………………………… 17,000
Instructions
For 2012, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
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