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Question - Jones Manufacturing Inc. sponsored a defined benefit pension plan effective 1 January 20X7. The company uses the projected unit credit actuarial cost method for funding and accounting. Long-term corporate bonds have a yield of 4%. Employees were granted partial credit for past service. The past service obligation has been measured at $1,640,000 as of 1 January 20X7. The company will pay $200,000 (for past service) plus all current service cost to the pension plan trustee each 31 December beginning 31 December 20X7. This funding arrangement will continue for five years and then be re-evaluated.
Data for 20X7 and 20X8
20X7
20X8
Current service cost
$117,000
$157,000
Actual return on fund assets
-
6,800
Decrease in defined benefit obligation at year-end due to change in assumptions
37,000
Payments to pensioners at end of year
41,400
Required - Prepare a spreadsheet containing all relevant pension information for 20X7 and 20X8.
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