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The Lane Company was incorporated in 2001. Because it had become successful, the company established a defined benefit pension plan for its employees on January 1, 2010. Due to the loyalty of its employees, the company granted retroactive benefits to them. These retroactive benefits resulted in $1,240,000 of prior service cost on that date. The company decided to amortize this cost using the years of future service method. The company 's actuary and funding agency have provided the following additional information for 2010 and 2011:
The company contributed $690,000 and $660,000 to the pension fund at the end of 2010 and 2011, respectively. No retirement benefits were paid in 2010 or 2011. There are no other components of Lane Company 's pension expense. At the end of 2011, the projected benefit obligation was $2,452,914 and the fair value of the pension plan assets was $1,412,100.
Required:
1. Compute the amount of Lane Company 's pension expense for 2010 and 2011.2. Prepare all the journal entries related to Lane Company 's pension plan for 2010 and 2011.3. What is the total accrued/prepaid pension cost at the end of 2011? Is it an asset or a liability?4. Prepare a schedule that reconciles the beginning and ending amounts of the projected benefit obligation for2010.
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