Use a blank worksheet provided to complete the exercise and answer the following questions:

A. FREEMAN Inc.'s total pension expense for the year 2022 should be

B. The journal entry to record Pension expense will include a

C. The end-of-year balance for fair value of plan assets is

D. At the end of the year 2022, after all journal entries have been posted, Freeman Inc. should report a pension liability balance of

 

Freeman Inc provides the following Pension information for the year 2022 Use a worksheet provided to complete the exercise and answer the following questions Beginning of period account balances Plan Assets $549,000 dr Projected Benefit Obligation $557,000 cr $8,000 cr Pension Asset/Liability Accumulated OCI-Pension Gains/Losses $ 76,000 dr Accumulated OCI-Prior Service Cost $ 23,000 dr Pension information for year 2022 Annual Service Cost $ 39,000 Interest Cost 9% $ 50,130 Actual Return $ 43,810 Expected Return $ 38,360 Contributions $ 45,000 Benefits Paid $ 41,500 Amortization of Prior Service Cost $4,000 Average Service Life of all covered employees Changes in Actuarial Assumptions for End of Year Projected Benefit Obligations $615,000 14 yrs