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Ludell Corp. shows the following data- Projected benefit obligation 1/1/17-             $560,000 Plan Assets 1/1/17-              &nbs

  1. Ludell Corp. shows the following data-

Projected benefit obligation 1/1/17-             $560,000

Plan Assets 1/1/17-                                        $546,200

On 1/2017, Ludell amends the plan and grants prior service cost benefits of $120,000

Settlement rate - 9%              Service Cost - $58,000            Contribution - $65,000

Actual/expected returns-$52,280      Benefits paid-$40,000

PSC amortization-$17,000.

A. Prepare the pension worksheet showing the journal entry for pension expense.

B. Show Y/E balances in the pension accounts (Memo record and OCI accounts included) C. Indicate amounts to be reported on Balance sheet and Income statements.

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ekkarill92 answered 2 hours ago
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