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Ortiz Motors sponsors a defined-benefit pension plan for its employees. On January 1, 2013, the company's records showed the following account balances relevant to this plan:Plan Assets (market-related value) $450,000Projected Benefit Obligation $600,000Prior Service Cost - AOCI $ 75,000Net Loss - AOCI $ 65,000
As a result of the operation of the plan during 2013, the actuary provided the following additional data:
Service cost for 2013 $ 75,000Actual return on plan assets in 2013 $ 45,000Amortization of prior service cost in 2013 $ 20,000Contributions to the pension fund in 2013 $115,000Benefits paid to retirees in 2013 $ 70,000Actuary's discount rate 7%Expected rate of return 8%Average remaining service life of active employees 10 years
1. Calculate pension expense for 20132. What is the amount of PBO at the end of 2013?3. What is the amount of Plan Assets at the end of 2013?4. Prepare the journal entry for pension expense for 2013.
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