TBSFC$00262$ Defined Benefit Pension Spreadsheet

Data for Penne Inc.$\text{'}$s defined benefit plan for Year $5$ follows:

At January $1$:

Projected benefit obligation $($PB$0),$ $$120,000$

Plan assets at fair value $($Assets$),$ $$90,000$

Prior service cost $($PSC$)$ balance in accumulated other comprehensive income $($AOCI$),$ $$25,000$

For Year $5$:

Service cost, $$40,000$

Discount rate, $5\%$

Expected rate of return on assets, $6\%$

Amortization of PSC$,$ $$2,500$

Actual return on assets, $$6,000$

PBO loss at year$-$end, $$15,000$

Funding contribution at year$-$end, $$40,000$

Benefits paid, $$45,000$

Complete the Year $5$ pension spreadsheet below using the above information. Use parenthesis for negative amounts within

categories, and for losses. Enter and extend your amounts to all appropriate cells. Enter $0$ in any cell that does not require another

entry.

Complete the Year $5$ pension spreadsheet below using the above information. Use parenthesis for negative amounts within

categories, and for losses. Enter and extend your amounts to all appropriate cells. Enter $0$ in any cell that does not require another

entry.