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Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.

Plan assets $480,000
Projected benefit obligation 600,000
Pension asset/liability 120,000
Accumulated OCI (PSC) 100,000
As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.
Service cost for 2012 $90,000
Settlement rate, 9%
Actual return on plan assets in 2012 55,000
Amortization of prior service cost 19,000
Expected return on plan assets 52,000
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 76,000
Contributions in 2012 99,000
Benefits paid retirees in 2012 85,000

Complete the pension worksheet and prepare the journal entries needed to reflect the above activity.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945994

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