Reference no: EM132799261

Question - Accounting for pension - 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

Required - 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.