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Pension Spreadsheet Problems
This template can be used to complete pension spreadsheet problems. Use formulas to calculate totals.
It would be helpful to make debit entries positive (+) and credit entries negative (-).
General Journal Entries Memo Record
Other Comprehensive Income
Annual Pension Expense Cash Prior Service Cost Gains / Losses Pension Asset / Liability Projected Benefit Obligation Plan Assets
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Complete the following pension spreadsheet: Name:
Copy the data and enter formulas (instead of just typing the numbers) into the spreadsheet.
Properly label and format all parts of the worksheet.
At January 1, 2022, the account balances (for both Gen Ledger and Memo Record accounts) related to the company's pension plan are as follows:
Projected Benefit Obligation, 1/1 1,200,000
Plan Assets(Mkt Related Value), 1/1 790,000
Pension asset/liability, 1/1 (410,000)
Additional Information: 2022 2023
On 1/1/22, through plan amendments grants prior service benefits having present value of 320,000
Service cost 110,000 118,000
Settlement rate 10% 10%
Expected rate of return 10% 10%
Actual rate of return 79,000 122,000
Amortization of prior service cost 140,000 100,000
Annual contributions 194,000 162,000
Benefits paid retirees 63,000 108,000
The Increase in the PBO due to changes in actuarial assumptions 174,000
General Journal Entries Memo Record
Other Comprehensive Income
Annual Pension Expense Cash Prior Service Cost Gains / Losses Pension Asset / Liability Projected Benefit Obligation Plan Assets
King, Suzanne: King, Suzanne:
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