Reference no: EM131191349
Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2015, the following balances relate to this plan.
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Plan assets
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$480,000
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Projected benefit obligation
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625,000
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Accumulated OCI (PSC)
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100,000
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As a result of the operation of the plan during 2015, the following additional data are provided by the actuary.
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Service cost for 2015
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$90,000
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Settlement rate
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9%
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Actual return on plan assets in 2015
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57,000
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Amortization of prior service cost
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19,000
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Expected return on plan assets
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52,000
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Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions
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76,000
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Contributions in 2015
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99,000
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Benefits paid retirees in 2015
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85,000
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Download the Excel Template linked at the bottom of this page, containing the spreadsheets you will need for this exercise.
1. Use the spreadsheet Pensions to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss.
2. Compute the same items as in (#1), assuming that the settlement rate is now 7% and the expected rate of return is 10%.
3. Prepare the journal entry using the spreadsheet Journal Entries to record pension expense in 2015. You need to prepare journal entries for only #1 above.
4. Indicate the reporting of the 2015 pension amounts in the income statement and balance sheet using the spreadsheet Pensions. You need to show financial statements' presentations for only #1 above.
Attachment:- Excel_Template.xlsx
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