Lemke company sponsors a defined benefit pension plan for

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Reference no: EM13587559

Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2012 and 2013.

	2012		2013
Projected benefit obligation, January 1	$603,800
Plan assets (fair value and market-related value), January 1	413,800
Pension asset/liability, January 1	190,000	Cr.
Prior service cost, January 1	161,800
Service cost	47,800		$62,300
Settlement rate	10	%	10	%
Expected rate of return	10	%	10	%
Actual return on plan assets	38,300		64,800
Amortization of prior service cost	72,900		55,800
Annual contributions	96,700		90,600
Benefits paid retirees	32,200		67,980
Increase in projected benefit obligation due to changes in actuarial assumptions	94,800		0
Accumulated benefit obligation at December 31	726,100		797,800
Average service life of all employees			20 years
Vested benefit obligation at December 31			470,500

Prepare a pension worksheet presenting both years 2012 and 2013.

Accompanying computations and amortization of the loss (2013) using the corridor approach.

Reference no: EM13587559

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