Fall 2009 ACCO 320 Assignment #3

Fall 2009 ACCO 320 Assignment #3 - Contributions to the...

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Page 1 of 1 Fall 2009 ACCO 320 Assignment #3 Section _______ Due Date: Tuesday, November 17, 2009 Student #1: Name _________________________ ID______________ Student #2: Name _________________________ ID______________ Student #3: Name _________________________ ID______________ Student #4: Name _________________________ ID______________ PENSION ABC Corp. has a defined benefit pension plan. The following data pertain to the plan for the year 2008. Pension plan assets, January 1 460,700 Projected benefit obligation, January 1 582,400 Unrecognized past service cost, January 1 91,600 Unrecognized actuarial losses, January 1 75,700 Current service cost 80,500 Benefit payments to retired employees 72,000
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Unformatted text preview: Contributions to the pension fund 148,000 Actual return on plan assets 41,400 Other information: Expected return on plan assets 6% Interest rate on long-term debt 7% EARSL 13 years a) Prepare a continuity schedule for the plan assets for 2008. Required: b) Prepare a continuity schedule for the ABO for 2008. c) Calculate pension expense for 2008 and prepare the entry to record the expense. d) Identify the year-end balances in all pension-related off-balance-sheet accounts. e) Prepare a reconciliation of the plans Accrued Pension Asset/Liability reported on the December 31, 2008 balance sheet. Indicate if the net balance is asset or liability (debit or credit). f) Prepare a pension worksheet for 2008....
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