Defined benefit pension plan for its employees

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Reference no: EM131982948

Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets $480,000 Projected benefit obligation 625,000 Accumulated OCI (PSC) 100,000 Dr. Accumulated OCI (Gain/Loss) 85,000 Cr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary: Indicate the reporting of the 2017 pension amounts in the income statement and balance sheet using the spreadsheet Pensions. Service cost for 2017 $90,000 Settlement rate 9% Actual return on plan assets in 2017 57,000 Expected return on plan assets 10% Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 76,000 Contributions in 2017 99,000 Benefits paid retirees in 2017 85,000 Avg. remaining service life (all employees) 12 years.

Reference no: EM131982948

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