Respond to the following. Submit journal entries in an Excel Template, linked at the bottom of this page. Any written segments should be included in Excelâ€s comments function. Do not submit two separate documents, as only one document can be accepted. For written answers, make sure your responses are well written, formatted per APA REQUIRMENTS
Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2015, the following balances relate to this plan.
Projected benefit obligation
Accumulated OCI (PSC)
As a result of the operation of the plan during 2015, the following additional data are provided by the actuary.
Service cost for 2015
Actual return on plan assets in 2015
Amortization of prior service cost
Expected return on plan assets
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions
Contributions in 2015
Benefits paid retirees in 2015
Download the Excel Template linked at the bottom of this page, containing the spreadsheets you will need for this exercise.
Use the spreadsheet Pensions to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss.
Compute the same items as in (#1), assuming that the settlement rate is now 7% and the expected rate of return is 10%.
Prepare the journal entry using the spreadsheet Journal Entries to record pension expense in 2015. You need to prepare journal entries for only #1 above.
Indicate the reporting of the 2015 pension amounts in the income statement and balance sheet using the spreadsheet Pensions. You need to show financial statementsâ€ presentations for only #1 above.
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