In this simulation, you are asked to address questions regarding accounting for pensions. Prepare responses to allparts.
Question:
In this simulation, you are asked to address questions regarding accounting for pensions.
Prepare responses to allparts.
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O KWW Professional Simulation I Accounting for Pensions Time Remaining 2 hours 20 minutes Unspit Spit Hor spe vertca Spraatahost Cakulator Ext Directions Skuation Moasurament Joumal Entry I Disclosur Resources Melanie Vall Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan. $480,000 625,000 100,000 Dr. Plan assets Projected benefit obligation Accumulated OCI (PŠC) As a result of the operation of the plan during 2012, the following additional data are provided by the actuary. Service cost for 2012 Settlement rate Actual return on plan assets in 2012 Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions in 2012 Benefits paid retirees in 2012 $90,000 9% 57,000 19,000 52,000 76,000 99,000 85,000 Directions Situation Moasuremant soumal Entry Disclosure Resourcas (2) Use a computer spreadsheet 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. (b) Compute the same items as in (a), assuming that the settlement rate is now 7% and the expected rate of return is 10%. Sauation Masuramant Joumal Entry oiaclosure Resoueces Directions Prepare the journal entry to record pension expense in 2012. Moasurement dounal Entry Disclosure Rasources Directions Situation Indicate the reporting of the 2012 pension amounts in this income statement and balance sheet.
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