The following information is provided to you from the pension administration firm of your client...
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Accounting
The following information is provided to you from the pension administration firm of your client Jacks Speed Wash, Inc:
Service Cost . . . . . . . . . . . . . . . . . . $86,450
Contribution to plan . . . . . . . . . . . . . . 104,500
Prior Service Cost Amortization. . . . . . . . . 4,800
Actual and Expected Return on Assets . . . . . . 96,650
Benefits Paid. . . . . . . . . . . . . . . . . . 64,900
Plan Assets, January 1, 2022 . . . . . . . . . . 905,000
Projected Benefit Obligation, January 1, 2022. . 945,500
Interest/Discount (settlement) rate. . . . . . . 6%
Accumulated OIC (PSC), January 1, 2022 . . . . . 24,000
Required Complete the pension worksheet below for 2022, and prepare the necessary journal entry at December 31, 2022.
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