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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:
2012
2013
Service cost
$150,000
$170,000
Prior service cost amortization
-0-???
90,000
Contributions (funding) to the plan
200,000
184,658
Benefits paid
220,000
280,000
Actual return on plan assets
252,000
350,000
Expected rate of return on assets
6%
8%
Instructions
Prepare a pension worksheet for the pension plan in 2012.
Prepare any journal entries related to the pension plan that would be needed at December 31, 2012.
Prepare a pension worksheet for 2013 and any journal entries related to the pension plan as of December 31, 2013.
Indicate the pension-related amounts reported in the 2013 financial statements.
Provide the necessary journal entries to record the transactions for Wilcox for the period January 2, 2011 through December 31, 2012.
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