Reference no: EM131109434
(Pension Worksheet) Hanson Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2010, the following balances related to this plan.
Plan assets (market-related value) $520,000
Projected benefit obligation 700,000
Pension asset/liability 180,000 Cr
Prior service cost 81,000
Net gain or loss (debit) 91,000
As a result of the operation of the plan during 2010, the actuary provided the following additional data at December 31, 2010.
Service cost for 2010 $108,000
Settlement rate, 9%; expected return rate, 10%
Actual return on plan assets in 2010 48,000
Amortization of prior service cost 25,000
Contributions in 2010 133,000
Benefits paid retirees in 2010 85,000
Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Hanson Corp. for the year 2010 by preparing a pension worksheet that shows the journal entry for pension expense, use the market-related asset value to compute the expected return and for corridor amortization.
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