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Problem - True Grit, Inc. presents the following information pertaining to its pension plan:
2016
2017
2018
Service cost
$120,000
$150,000
Employer cash contribution
105,000
232,000
Fair value of plan assets (as of 12/31)
60,000
147,000
336,000
Projected benefit obligation (as of 12/31)
69,000
417,000
560,000
Additional prior service cost occurring in the year
180,000
-
Benefits paid in the year
21,120
58,960
Actual return on plan assets
3,120
15,960
Employer cash contributions are made at the end of each year. As of 12/31 of 2016, unamortized prior service cost and unamortized net gain/loss are 0.
The company uses an 8% discount rate. Expected return for its plan assets is 9.5%. For simplicity, an average remaining service life of 20 years is always used.
The company amortizes prior service cost on a straight-line basis over the average remaining service life.
The company uses the Corridor approach to recognize the minimum amount of amortization required for cumulative net gain/loss on a straight-line basis over the average remaining service life.
Required -
(1) Prepare the Pension Worksheet for 2017 and 2018.
(2) Show how to report the pension amount on the balance sheet as of December 31, 2018.
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