Reference no: EM13507595
Hobbs Co. has the following defined-benefit pension plan balances on January 1, 2012.
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, 2013, the company amends its pension agreement so that prior service costs of $600,000 are created. Other data related to the pension plan are:
Service cost : 2012- 150,000 2013-170,000
prior service cost amortization : 2012- 0 2013-90,000
contributions funding to the plan : 2012-200,000 2013-184,658
benefits paid : 2012-220,000 2013-280,000
actual return on plan assets : 2012-252,000 2013-350,000
expected rate of return on assets : 2012- 6% 2013- 8%
(a) Prepare a pension worksheet for the pension plan in 2012.
(b) Prepare any journal entries related to the pension plan that would be needed at December 31, 2012.
(c) Prepare a pension worksheet for 2013 and any journal entries related to the pension plan as of December 31, 2013.
(d) Indicate the pension-related amounts reported in the 2013 financial statements
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