Business, 19.10.2019 02:20 Jadamachado45

Presented below is information related to the pension plan of adams inc. for the year 2018. 1. the service cost related to pension expense is $240,000 using the projected benefits approach.
2. the projected benefit obligation at the beginning of the year is $300,000. the expected return on plan assets is 9% and the settlement rate is 10%. the actual return on plan assets was 8.5%.
3. the accumulated oci--prior service cost at the beginning of the year is $140,000. the company has a workforce of 200 employees, all of whom are expected to receive benefits under the plan. the total number of service-years is 1,000 and the service-years attributable to 2018 is 250. the company has decided to use the years-of-service method of amortization for these costs.
4. at the beginning of the period, the fair value of pension plan assets is $284,000. the company had an accumulated oci (loss) at the beginning of the period of $90,000. any amortization of unrecognized net loss is recognized on a straight-line basis over the average remaining service-life of the employees. 5. the contribution made to the pension fund in 2018 was $231,000. 6. a change in actuarial assumptions establishes a december 31, 2018 projected benefit obligation of $600,000.

required: (a) determine the pension expense to be reported on the income statement for 2018 using a worksheet. (round all computations to nearest dollar.)
(b) prepare the journal entry(ies) to record pension expense for 2018

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Presented below is information related to the pension plan of adams inc. for the year 2018. 1. the s...

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