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Complete the pension spreadsheet for sparky corporation

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Reference no: EM13847441

The following is an incomplete pension spreadsheet for the current year for Sparky Corporation.

($ in millions) debit (credit)

PBO

Plan
Assets

Prior
Service

Net Pension Cash (Gain) Expense Loss

Net Pension
(Liability) /
Asset

Beginning balance

 

450

60

55

(10)

Service cost

(85)

 

 

 

 

Interest cost

(45)

 

 

 

 

Expected return on assets

 

55

 

 

 

(Gain)/loss on assets

 

 

 

3

 

Amortization of:

 

 

 

 

 

Prior service cost

 

 

 

 

 

Net (gain)/loss

 

 

 

(1)

 

Loss on PBO

(32)

 

 

 

 

Contributions to fund

 

40

 

 

 

Retiree benefits paid

 

 

 

 

 

Ending balance

(562)

 

54

89

 

Required:

1) Complete the pension spreadsheet.

2) Prepare the journal entries to record pension expense and funding of plan assets for the year.

3) Prepare the journal entry/ies to record any gains or losses for the year.

Reference no: EM13847441

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