Webb corp sponsors a described benefit pension plan for its

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Reference no: EM13352128

Webb Corp. sponsors a described benefit pension plan for its employees. On 1^st January, 2012, the subsequent 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 in 2012, the subsequent 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 predictable benefit obligation, due to change in actuarial predictions 76,000

Contributions in 2012 99,000

Benefits paid retirees in 2012 85,000

Do the pension worksheet and create the journal entries needed to reflect the above activity.

Reference no: EM13352128

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