(Answered) Question comprehensive 2-year worksheet hobbs co has the

Accounting

Question: (Comprehensive 2-Year Worksheet) Hobbs Co. has the following defined benefit pension plan balances on January 1, 2014.

Projected benefit obligation $4,600,000

Fair value of plan assets 4,600,000

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $600,000 are created. Other data related to the pension plan are:

Instructions: (a) Prepare a pension worksheet for the pension plan in 2014.

(b) Prepare any journal entries related to the pension plan that would be needed at December 31, 2014.

(d) Indicate the pension-related amounts reported in the 2015 financial statements.

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