Solution-Complete the pension spreadsheet for sparky

Complete the pension spreadsheet for sparky corporation

Reference no: EM13847441

The following is an incomplete pension spreadsheet for the current year for Sparky Corporation.

($ in millions) debit (credit)	PBO	Plan Assets	Prior Service	Net Pension Cash (Gain) Expense Loss	Net Pension (Liability) / Asset
Beginning balance		450	60	55	(10)
Service cost	(85)
Interest cost	(45)
Expected return on assets		55
(Gain)/loss on assets				3
Amortization of:
Prior service cost
Net (gain)/loss				(¹)
Loss on PBO	(32)
Contributions to fund		40
Retiree benefits paid
Ending balance	(562)		54	89

Required:

1) Complete the pension spreadsheet.

2) Prepare the journal entries to record pension expense and funding of plan assets for the year.

3) Prepare the journal entry/ies to record any gains or losses for the year.

Reference no: EM13847441

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Complete the pension spreadsheet for sparky corporation : Prepare the journal entries to record pension expense and funding of plan assets for the year. Prepare the journal entry/ies to record any gains or losses for the year. Complete the pension spreadsheet for Sparky Corporation.

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Complete the pension spreadsheet for sparky corporation

Reference no: EM13847441

Reference no: EM13847441

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