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1. Pension Worksheet) The following data relate to the operation of Kramer Co.'s pension plan in 2011. The pension worksheet for 2010 is provided in P20-10.
Service cost $59,000Actual return on plan assets 32,000Amortization of prior service cost 28,000Annual contributions 51,000Benefits paid retirees 27,000Average service life of all employees 25 years
For 2011, Kramer will use the same assumptions as 2010 for the expected rate of returns on plan assets.The settlement rate for 2011 is 10%.
Instructions:
(a) Prepare a pension worksheet for 2011 and accompanying computations and amortization of the loss, if any, in 2011 using the corridor approach.
(b) Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31.
(c) Indicate the pension amounts reported in the financial statements.
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