7. Smith Inc. provides the following information related to its pension plan for the year 2022:...

 

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7. Smith Inc. provides the following information related to its pension plan for the year 2022: Beginning Balances - January 1, 2022 Plan Assets - $738,800 Projected Benefit Obligation - $763,000 Pension Asset/Liability - $24,200 cr Accumulated OCI - Prior Service Cost - $36,400 dr Accumulated OCI - Gains/Losses - $0 a. b. C. Annual Service Cost - $75,000 Settlement Rate - 9% Actual Return on Plan Assets - $59,100 Expected Return on Plan Assets - $87,600 Funding Contributions - $88,000 Benefits Paid to Retirees during the year - $72,900 Amortization of Prior Service Cost - $6,300 (Straight Line) Changes in Actuarial Assumptions for End of Year PBO projections - $825,000 Complete a Pension Worksheet using the above data. What is total Pension Expense to be reported in 2022? What is the balance of each of the following at December 31, 2022? Plan Assets Projected Benefit Obligation Pension Asset/Liability Accumulated OCI - Prior Service Cost Accumulated OCI - Gains/Losses d. Prepare the journal entry Smith Inc. will make to record their pension expense for 2022. 7. Smith Inc. provides the following information related to its pension plan for the year 2022: Beginning Balances - January 1, 2022 Plan Assets - $738,800 Projected Benefit Obligation - $763,000 Pension Asset/Liability - $24,200 cr Accumulated OCI - Prior Service Cost - $36,400 dr Accumulated OCI - Gains/Losses - $0 a. b. C. Annual Service Cost - $75,000 Settlement Rate - 9% Actual Return on Plan Assets - $59,100 Expected Return on Plan Assets - $87,600 Funding Contributions - $88,000 Benefits Paid to Retirees during the year - $72,900 Amortization of Prior Service Cost - $6,300 (Straight Line) Changes in Actuarial Assumptions for End of Year PBO projections - $825,000 Complete a Pension Worksheet using the above data. What is total Pension Expense to be reported in 2022? What is the balance of each of the following at December 31, 2022? Plan Assets Projected Benefit Obligation Pension Asset/Liability Accumulated OCI - Prior Service Cost Accumulated OCI - Gains/Losses d. Prepare the journal entry Smith Inc. will make to record their pension expense for 2022.

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