A pension worksheet that shows the journal entry

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Reference no: EM13919133

Robert Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances related to this plan:

Plan assets (market related value	$170,000
Projected benefit obligation	$340,000
Pension asset/liability	$170,000 cr.
Prior service cost	$100,000
OCI-Loss	$39,000

As a result of the operation of the plan during 2014, the actuary provided the following additional data at December 31, 2014:

Service costs for 2014	$45,000
Actual return on plan assets in 2014	$27,000
Amortization of prior service cost	$20,000
Contributions in 2014	$85,000
Benefits paid retirees in 2014	$51,000
Settlement rate	7%
Expected return on plan assets	8%
Average remaining service life of active employees	10 years

Instructions:

(a) Compute pension expense for Robert Corp. for the year 2014 by preparing a pension worksheet that shows the journal entry for pension expense.

(b) Indicate the pension amounts reported in the financial statements.

Reference no: EM13919133

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