Week 5 Team B - P20-8 (Comprehensive 2-Year Worksheet)...

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P20-8 (Comprehensive 2-Year Worksheet) Glesen Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2008 and 2009. Projected benefit obligation, January 1 Plan assets (fair value and market related value), January 1 Prepaid/accrued pension cost (credit), January 1 Additional pension liability, January 1 Intangible asset-deferred pension cost, January 1 Unrecognized prior service cost, January 1 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Vested benefit obligation at December 31 Instructions (a) Prepare a pension worksheet presenting both years 2008 and 2009 and accompanying computations including the computation of the minimum liability (2008 and 2009) and amortization of the unrecognized loss (2009) using the corridor approach. Item Balance, Jan. 1, 2008 (a) Service cost (b) Interest cost (c) Actual return (d) Unexpected loss (e) Amortization of PSC (f) Contributions (g) Benefits (h) Liability loss (i) Minimum liability adjustment
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Journal entry for 2008 Balance, December 31, 2008 (j) Service cost (k) Interest cost (l) Actual return (m) Unexpected gain (n) Amortization of PSC (o) Contributions
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

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Week 5 Team B - P20-8 (Comprehensive 2-Year Worksheet)...

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