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Test 3 - Name Test 3 Acct 3312 Spring 2010 Page 1 1 Ma rli...

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Name: __________________________ Test 3 Acct 3312 Spring 2010 1.Preparing a pension work sheet. The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pe plan for 2011: Service cost Actual return on plan assets Annual contribution to the plan Amortization of prior service cost Benefits paid to retirees Settlement rate Expected rate of return on plan assets Instructions (a) Using the above information for Marlin Corporation, parentheses. Calculated amounts should be supported (b) Prepare the journal entry to reflect the accounting for Marlin Co Pension Wor Memo Annual OC Pension Expense Cash PSC Bal.,Dec. 31,2010 625,000 Service Cost Interest Cost Actual return Unexpected gain/loss Amortization of PSC Contributions Benefits Gain/loss amort. Journal entry for 2011 Balance, Dec. 31, 2011 _____ ____ ____ _____ Page 1
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2. Pension Worksheet Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2011, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 500,000 Pension asset/liability 50,000 Cr OCI - Prior service cost 75,000 OCI – Loss 65,000 As a result of the operation of the plan during 2011, the actuary provided the following additional data at December 31, 2011.
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