Kleinfeld manufacturing sponsors a defined-benefit pension, Ask an Expert

Accounting

Kleinfeld Manufacturing sponsors a defined-benefit pension plan. The corporation’s actuary provides the following information about the plan.

January 1, 2014 December 31, 2014

Vested benefit obligation $600 $750

Accumulated benefit obligation 750 895

Projected benefit obligation 860 980

Plan assets (fair value) 610 696

Settlement rate and expected rate of return 6%

Pension asset/liability 250 ?

Accumulated OCI (PSC) 150 ?

Service cost for the year 2014 143

Contributions (funding in 2014) 100

Benefits paid in 2014 75

The average remaining service life per employee is 10 years.

Instructions (a) Prepare a pension worksheet for 2014 in EXCEL. Include in the worksheet the calculation of pension expense, prior service cost amortization, actual/expected/unexpected return, contributions, and benefit payments. (b) Prepare the journal entry to record pension expense and plan contributions.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91311598

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