Reference no: EM131997538

Question - Basic Pension Worksheet

The following defined pension data of Eagle Homes Corporation apply to the year 2014.

Projected benefit obligation, January 1, 2014 (before amendment) $1,255,000

Plan assets, January 1, 2014 1,195,600

Pension liability, January 1, 2014 59,400

On January 1, 2014, Eagle Home Corp., through plan amendment, grants prior service benefits having a present value of 200,000

Settlement rate 6%

Service cost 69,000

Contributions (funding) 85,000

Actual and expected return on plan assets 43,610

Benefits paid to retirees 52,000

Prior service cost amortization for 2014 25,000

Instructions - For 2014, prepare a pension worksheet for Eagle Homes that shows the journal entry for pension expense and the year-end balances in the related pension accounts.