Reference no: EM132744836
Presented below is information related to Jones Department Stores, Inc. pension plan for 2015.
Projected benefit obligation, Jan 1, 2015 (before amendment) 470,000
Fair value of plan assets, Jan 1, 2014 360,000
On Jan 1, 2015, Jones through plan amendment, grants prior service
Benefits having a present value of 100,000
Service cost 54,000
Settlement rate 10%
Actual and expected return on plan assets 32,400
Amortization of prior service cost (due to benefit increase) 10,000
Funding contribution for 2015 480,000
Benefits paid to retirees 240,000
Instructions
Problem 1: Prepare a pension worksheet for Jones Department Stores that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
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