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Prepare a pension worksheet for the pension plan

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Question: (Comprehensive 2-Year Worksheet) Hobbs Co. has the following defined benefit pension plan balances on January 1, 2014.

Projected benefit obligation                  $4,600,000

Fair value of plan assets                        4,600,000

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 $600,000 are created. Other data related to the pension plan are:

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Instructions: (a) Prepare a pension worksheet for the pension plan in 2014.

(b) Prepare any journal entries related to the pension plan that would be needed at December 31, 2014.

(c) Prepare a pension worksheet for 2015 and any journal entries related to the pension plan as of December 31, 2015.

(d) Indicate the pension-related amounts reported in the 2015 financial statements.

Reference no: EM131593489

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