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On January 1, 2010, cunningham company has the following defined-benefit pension plan balances.
On January 1, 2010, cunningham company has the following defined-benefit pension plan balances.4,500,000Fair value of pension plan assets 4,200,000The interest (settlement) rate applicable to the plan is 10%. On January 1, 2011, the company amends its pension agreement so that prior service costs of $500,000 are created. other data related to the pension plan are as follows. 2011$150,000 $180,00090,000contributions (funding) to the plan 240,000 285,000200,000 280,000252,000 260,0008%Instructions1. Prepare a pension worksheet for the pension plan for 2010 and 2011.(show all calculations)2.for 2011, prepare the journal entry to record pension-related amounts.(show all calculations)
