The following defined pension data of Doreen Corp. apply to the year 2010.Defined benefit…

 
   

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The following defined pension data of Doreen Corp. apply to the year 2010.Defined benefit obligation, 1/1/10 (before amendment) ………………………………..$560,000Plan assets, 1/1/10……………………………………………………………………………………….546,200Pension asset/liability………………………………………………………………………………………….13,800 Cr.On January 1, 2010, Doreen Corp., through plan amendment,grants past service benefits having a present value of…………………………………….100,000Discount rate……………………………………………………………………………………………………9%Service cost ………………………………………………………………………………………………..58,000Contributions (funding) ……………………………………………………………………………….55,000Actual (expected) return on plan assets…………………………………………………………..52,280Benefits paid to retirees…………………………………………………………………………………40,000Past service cost amortization for 2010……………………………………………………………17,000InstructionsFor 2010, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.View Solution:
The following defined pension data of Doreen Corp apply to the year