Reference no: EM131593359
Question: (2-Year Worksheet) 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.
2014 2015
Service cost $ 150,000 $180,000
Prior service cost amortization -0- 90,000
Contribution to the plan 240,000 285,000
Benefits paid 200,000 280,000
Actual return on plans assets 252,000 260,000
Expected rate of return on assets 6% 8%
Instructions: (a) Prepare a pension worksheet for the pension plan for 2014 and 2015.
(b) For 2015, prepare the journal entry to record pension-related amounts.
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