Answer Happy

1-Howard Corp, sponsors a defined-benefit pension plan for its employees. On January 1, 2022, the following balances related to this plan. Plan assets $450,000 600,000 Projected benefit obligation 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 70,000 Benefits paid retirees 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. For the toolbar, press ALT-F10 (PC) or ALT-FN-F10 (Mac) A ✓ BIVS Arial 10pt Paragraph I X 111 N Y