(Answered) Question - kane inc received the following information from

Accounting

Question - Kane, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2013:

January 1, 2013

Projected benefit obligation $3,500,000

Fair value of plan assets 2,950,000

Accumulated OCI - (PSC) 450,000

The service cost component for 2013 is $120,000 and the amortization of prior service cost is $150,000. The company's actual funding of the plan in 2013 amounted to $525,000. The actual and expected return on plan assets was 8% and the settlement rate was 6%. The payment of benefits totaled $295,000.

Instructions

(a) Prepare a pension worksheet (in excel)

(b) Determine the pension expense to be reported in 2013.

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