The account for Marlin Corporation has developed the following information for the company's defined-benefit pension...
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Accounting
The account for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2015:
Service cost $500,000
Actual return on plan assets 250,000
Annual contribution to the plan 920,000
Amortization of prior service cost 125,000
Benefits paid to retirees 60,000
Settlement rate 10%
Expected rate of retrun on plan assets 8%
The accumulated benefit obligation at December 31, 2015, amounted to $3,250,000. Tne accumulated OCI (PSC) at December 31, 2014 was $625,000.
Instructions
(a) Using the above information for Marlin Corporation, complete the pension work sheet for 2015. Indicate (credit) entries by parentheses. Calculated amount should be supported
(b) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2015.
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