webb corp. sponsors a defined benefit pension plan for its employees. on january 1, 2014, the following balances relate to this plan.

Project Description:

webb corp. sponsors a defined benefit pension plan for its employees. on january 1, 2014, the following balances relate to this plan.

plan assets $480,000
projected benefit obligation 600,000
pension asset/liability 120,000
accumulated oci (psc) 100,000 dr.

as a result of the operation of the plan during 2014, the following additional data are provided by the actuary.

service cost $90,000
settlement rate, 9%
actual return on plan assets 55,000
amortization of prior service cost 19,000
expected return on plan assets 52,000
unexpected loss from change in projected benefit obligation,
due to change in actuarial predictions 76,000
contributions 99,000
benefits paid retirees 85,000



using the data above, compute pension expense for webb corp. for the year 2014 by preparing a pension worksheet.

webb corp.
pension worksheet
general journal entries

memo record
items

annual pension
expense
cash
oci—prior
service cost
oci— gain/
loss
pension asset/
liability

projected benefit
obligation
plan
assets
balance, jan. 1, 2014
$

$

$

$

$


$

$

service cost















interest cost















actual return















unexpected gain















amortization of psc















liability increase















contributions















benefits















journal entry for 2014
$

$












accumulated oci, dec. 31, 2013











balance, december 31, 2014
$

$

$


$

$


show list of accounts
link to text



prepare the journal entry for pension expense for 2014. (credit account titles are automatically indented when amount is entered. do not indent manually.)

account titles and explanation
debit
credit
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