Pension worksheet for the pension plan

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Reference no: EM13950896

On January 1, 2014, Harrington Company has the following defined benefit pension plan balances.

Projected benefit obligation $4,500,000

Fair value of plan assets 4,200,000

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows.

Service cost	2014		2015
$150,000		$180,000
Prior service cost amortization	-0-		90,000
Contributions (funding) to the plan	240,000		285,000
Benefits paid	200,000		280,000
Actual return on plan assets	252,000		260,000
Expected rate of return on assets	6%		8%

(a) Prepare a pension worksheet for the pension plan for 2014 and 2015.

(b) For 2015, prepare the journal entry torecord pension-related amounts.

Reference no: EM13950896

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