Plan assets $450,000 Projected benefit obligation

[answerhappygod]

Plan
assets $450,000
Projected benefit
obligation 600,000
Pension
asset/liability (Credit) 150,000
AOCI- Prior service
cost (Debit) 75,000
AOCI –
Gain/Loss (Debit) 65,000
As a result of the operation of the plan during 2022, the
actuary provided the following additional data:
Service
cost $
75,000
Actual return on plan
assets 45,000
Amortization of prior service
cost 20,000
Contributions 115,000
Benefits paid
retirees 70,000
Settlement rate 7%
Expected
return rate 8%
Average remaining service life of active employees 10 years
Instructions
(A) Using the above information for Howard Corporation, prepare
the pension work sheet for 2022. Calculated amounts should be
supported.
(Hint: calculate the corridor, to balance the work sheet).
(b) Prepare the journal entry for pension expense.