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Prepare a pension worksheet for the pension plan
Course:- Financial Accounting
Reference No.:- EM131146947




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On January 1, 2014, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation $4,500,000 Fair value of plan assets 4,200,000. The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $500,000 are created.

Other data related to the pension plan are as follows.

 

2014

2015

Service cost

$150,000

$180,000

Prior service cost amortization

-0-

90,000

Contributions (funding) to the plan

240,000

285,000

Benefits paid

200,000

280,000

Actual return on plan assets

252,000

260,000

Expected rate of return on assets

6%

8%

(a) Prepare a pension worksheet for the pension plan for 2014 and 2015

 

 




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