Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31...

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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 • Interest rate used for pension amounts, 5%. • Past service cost, granted as of 1 January 20X5, $200,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $67,000. For funding purposes Funding was $99,500 in 20X5 for all pension amounts. The payment was made on 31 December. Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Accumulated OCI Pension Pension Net Pension Plan Assets Obligation Expense Asset/Liab. 20X5 Beginning - PSC CSC Interest Funding 2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: • Current service cost for accounting was $96,000. • A plan amendment resulted in a past service cost of $40,000 being granted. • Total funding of the pension plan was $118,000, on 31 December 20X6. • Actual return on fund assets was $8,900. An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $35,000 increase in the defined benefit obligation, as of 31 December 20X6. Pension Pension Net Pension Accumulated Plan Assets Obligation Expense Asset/Liab. OCI 20X6 Opening CSC Net interest PSC (new) Actual return versus expected Revaluation Funding 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 • Interest rate used for pension amounts, 5%. • Past service cost, granted as of 1 January 20X5, $200,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $67,000. For funding purposes Funding was $99,500 in 20X5 for all pension amounts. The payment was made on 31 December. Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Accumulated OCI Pension Pension Net Pension Plan Assets Obligation Expense Asset/Liab. 20X5 Beginning - PSC CSC Interest Funding 2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: • Current service cost for accounting was $96,000. • A plan amendment resulted in a past service cost of $40,000 being granted. • Total funding of the pension plan was $118,000, on 31 December 20X6. • Actual return on fund assets was $8,900. An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $35,000 increase in the defined benefit obligation, as of 31 December 20X6. Pension Pension Net Pension Accumulated Plan Assets Obligation Expense Asset/Liab. OCI 20X6 Opening CSC Net interest PSC (new) Actual return versus expected Revaluation Funding

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