Use a separate page for each question. You MUST show ALL calculations required to receive full credit. The calculations MUST be placed on the answer pages. Points will be subtracted for failure to follow all directions.

I. Pension Worksheet

Mayflower Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for $2023.$

Projected Benefit Obligation, January $1,$ $$828,000$

Plan Assets, January $1,$ $$548,000$

OCI $-$ Prior Service Cost, January $1,$ $$109,000$ DR

OCI$-$Gain$/$Loss$,$ January $1,$ $$95,000$ CR

Service Cost, $$50,000$

Settlement Rate, $8\%$

Expected Rate of Return, $10\%$

Actual Return on Plan Assets, $$58,000$

Amortization of Prior Service Cost, $$30,000$

Annual Contributions, $$76,000$

Benefits Paid Retirees, $$59,000$

On January $1,$ Mayflower amends the plan and grants prior service cost with a present value of $$86,000$

Changes in actuarial assumptions resulted in an end$-$of$-$year projected benefit obligation of $$846,000.$

Average service life of all covered employees is $20$ years.

Instructions:

$($a$)$ Prepare a pension worksheet for $2023.$ Use the worksheet provided for your answer.

$($b$)$ Prepare any journal entry$/$entries related to the pension plan as of December $31,2023.$ Place your journal entry$/$entries at the bottom of the worksheet.

Use the pension worksheet provided for your answer.