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2 Gurung Co has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following Information is available: For accounting purposes 4 soints . Interest rate used for pension amounts, 5%. Past service cost, granted as of 1 January 20X5, $240,000. This is also the defined benefit obligation on 1 January Current service cost for 20X5, appropriately measured for accounting purposes, $71,000. ebook For funding purposes Funding was $101,500 in 20x5 for all pension amounts. The payment was made on 31 December Actual earnings on fund assets, zero. References Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20x5 Pension Pension Obligation Net Pension Accumulated Asse OCH Plan Assets O $ 2005 Beginning - PSC CSC interest 240,000 $ (71.000) (12.000) 0 $ 1240.000) S05 0 71.000 0 12 000 0 0 O Funding 2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20x6: 14 points Current service cost for accounting was $104,000. A plan amendment resulted in a past service cost of $44,000 being granted Total funding of the pension plan was $122,000 on 31 December 20X6. Actual return on fund assets was $9.300. An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $39,000 increase in the defined benefit obligation, as of 31 December 20X6. eBook References Pension Obligation Pension Expense Accumulated Plan Assets Net Pension Ascellab 20X6 Opening CSC Net interest PSC (new) Actual return versus expected Revaluation Funding