Accounting help. please no plagiarism. show your working 2 hours max
latasha21Question 2 (3 points—25 minutes)
The following information pertains to A&E Co.’s defined benefit pension plan for the year 2013.
Projected benefit obligation at 1/1/2013 | $600,000 |
Fair value of pension plan assets 1/1/2013 | 420,000 |
Unrecognized prior service costs at 1/1/2013 | 240,000 |
Service cost | 80,000 |
Amortization of prior service costs | 20,000 |
Contributions to the plan | 40,000 |
Benefits paid | 15,000 |
Actual and expected return on plan assets | 6% |
Interest/discount rate used | 6 % |
a. Show calculations to compute the pension expense for 2013.
b. Show calculations to compute the ending balance of the projected benefit obligation at 12/31/2013.
c. Show calculations to compute the ending balance of the plan assets at 12/31/2013.
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