Reference no: EM13753298
Kleinfeld Manufacturing sponsors a defined-benefit pension plan. The corporation’s actuary provides the following information about the plan.
January 1, 2014 December 31, 2014
Vested benefit obligation $600 $750
Accumulated benefit obligation 750 895
Projected benefit obligation 860 980
Plan assets (fair value) 610 696
Settlement rate and expected rate of return 6%
Pension asset/liability 250 ?
Accumulated OCI (PSC) 150 ?
Service cost for the year 2014 143
Contributions (funding in 2014) 100
Benefits paid in 2014 75
The average remaining service life per employee is 10 years.
Instructions (a) Prepare a pension worksheet for 2014 in EXCEL. Include in the worksheet the calculation of pension expense, prior service cost amortization, actual/expected/unexpected return, contributions, and benefit payments. (b) Prepare the journal entry to record pension expense and plan contributions.
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