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Calculated amounts should be supported

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Reference no: EM133183780

Questions -

Q1 - Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2022, the following balances related to this plan.

Plan assets $450,000

Projected benefit obligation 600,000

Pension asset/liability (Credit) 150,000

AOCI- Prior service cost (Debit) 75,000

AOCI - Gain/Loss (Debit) 65,000

As a result of the operation of the plan during 2022, the actuary provided the following additional data:

Service cost $75,000

Actual return on plan assets 45,000

Amortization of prior service cost 20,000

Contributions 115,000

Benefits paid retirees 70,000

Settlement rate 7%

Expected return rate 8%

Average remaining service life of active employees 10 years

Required -

(A) Using the above information for Howard Corporation, prepare the pension work sheet for 2022. Calculated amounts should be supported.

(b) Prepare the journal entry for pension expense.

Reference no: EM133183780

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