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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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