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Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.
Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, thefollowing balances relate to this plan.Plan assets $480,000Projected benefit obligation 625,000Accumulated OCI (PSC) 100,000 Dr.As a result of the operation of the plan during 2012, the following additional data are provided by theactuary.Service cost for 2012 $90,000Settlement rate 9%Actual return on plan assets in 2012 57,000Amortization of prior service cost 19,000Expected return on plan assets 52,000Unexpected loss from change in projected benefit obligation,due to change in actuarial predictions 76,000Contributions in 2012 99,000Benefits paid retirees in 2012 85,000Directions Situation Measurement Journal Entry Disclosure ResourcesDirections Situation Measurement Journal Entry Disclosure ResourcesDirections Situation Measurement Journal Entry Disclosure ResourcesDirections Situation Measurement Journal Entry Disclosure Resources(a) Use a computer spreadsheet to prepare a pension worksheet. On the pension worksheet, computepension expense, pension asset/liability, projected benefit obligation, plan assets, priorservice cost, and net gain or loss.
