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(Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.
Plan assets
$480,000
Projected benefit obligation
600,000
Pension asset/liability
120,000
Accumulated OCI (PSC)
100,000
As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.
Service cost for 2012
$90,000
Settlement rate, 9% Actual return on plan assets in 2012
55,000
Amortization of prior service cost
19,000
Expected return on plan assets
52,000
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions
76,000
Contributions in 2012
99,000
Benefits paid retirees in 2012
85,000
Instructions
(a) Using the data above, compute pension expense for Webb Corp. for the year 2012 by preparing a pension worksheet.
(b) Prepare the journal entry for pension expense for 2012.
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