Question: PROBLEM - PENSIONS Presented below is information related to Eliza Department Stores, Inc. pension plan for 2023. During 2023, the actuary determined that due to

Stores, Inc. pension plan for 2023. During 2023, the actuary determined that

due to changes in market returns, leading to changes in the expected

PROBLEM - PENSIONS Presented below is information related to Eliza Department Stores, Inc. pension plan for 2023. During 2023, the actuary determined that due to changes in market returns, leading to changes in the expected settlement rates, the projected benefit obligation should increase by $197,000. Instructions 1 - Complete the pension worksheet, and prepare the pension journal entries for 2023. All answers must be on the sheets provided to you. 2 - If the average remaining service life for 2024 equals 15.5 years, what is the journal entry to record the amorization of the OCI-Gain/Loss account for 2024 ? Dension Worksheet - December 31, 2023 Journal entry for 2023 Journal entries for 2023 Balance, December 31, 2023 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Corridor and Minimum Loss Amortization } \\ \hline & Projected & & & & Amount & Average & Minimum & Additional & Ending \\ \hline & Benefit & Plan & 10% & AOCl & to & Remaining Amortizatior & G/L During & Balance \\ \hline Year & Obligation & Assets & Corridor & (G/L) & Amortize & Service Life & of Loss & Year & AOCl G/L \\ \hline & & & & & & & & \\ \hline \end{tabular} Pension Problem PROBLEM - PENSIONS Presented below is information related to Eliza Department Stores, Inc. pension plan for 2023. During 2023, the actuary determined that due to changes in market returns, leading to changes in the expected settlement rates, the projected benefit obligation should increase by $197,000. Instructions 1 - Complete the pension worksheet, and prepare the pension journal entries for 2023. All answers must be on the sheets provided to you. 2 - If the average remaining service life for 2024 equals 15.5 years, what is the journal entry to record the amorization of the OCI-Gain/Loss account for 2024 ? Dension Worksheet - December 31, 2023 Journal entry for 2023 Journal entries for 2023 Balance, December 31, 2023 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Corridor and Minimum Loss Amortization } \\ \hline & Projected & & & & Amount & Average & Minimum & Additional & Ending \\ \hline & Benefit & Plan & 10% & AOCl & to & Remaining Amortizatior & G/L During & Balance \\ \hline Year & Obligation & Assets & Corridor & (G/L) & Amortize & Service Life & of Loss & Year & AOCl G/L \\ \hline & & & & & & & & \\ \hline \end{tabular} Pension

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