Calculate pension expense prior service nd cost amortization

Assignment Help Accounting Standards

Reference no: EM13215024

ABC Co. sponsors a defined benefit pension plan, providing the following info:
1/1/14 12/31/14
Vested benefit obligation $600 $750
Accumulated benefit obligation 750 895
Projected benefit obligation 860 980
Plan assets (fair value) 610 696
Settlement rate and expected rate of return 6%
Pension asset/liability 250 ?
Accumulated OCI (PSC) 150 ?
Service Cost for the year 2014 143
Contributions (funding in 2014) 100
Benefits paid in 2014 75

The average remaining service life per employee is 10 years.
Instructions:

A. Prepare a pension worksheet for 2014 IN EXCEL. Include in the worksheet the calculation of pension expense, prior service cost amortization, actual/expected/unexpected return, contributions and benefit payments

B. Prepare the journal entry to record pension expense and plan contributions

Reference no: EM13215024

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