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Complete the following exercise. Submit journal entries in an Excel file and written segments in an MS Word document. Label each question clearly. For written answers, please make sure your responses are well-written, formatted per APA Style, and have proper citation(s), if needed.
Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.
Plan assets
$480,000
Projected benefit obligation
625,000
Accumulated OCI (PSC)
100,000 Dr.
As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.
Service cost for 2012
$90,000
Settlement rate
9%
Actual return on plan assets in 2012
57,000
Amortization of prior service cost
19,000
Expected return on plan assets
52,000
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions
76,000
Contributions in 2012
99,000
Benefits paid retirees in 2012
85,000
Click here to download an Excel workbook containing the spreadsheets you will need for this exercise.
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