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Lemke company sponsors a defined benefit pension plan for

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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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