2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: • Current service cost for accounting was $128,000. • A plan amendment on 1 January resulted in a past service cost of $56,000 being granted. • Total funding of the pension plan was $134,000, on 31 December 20X6. • Actual return on fund assets was $10,500. • An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $51,000 increase in the defined benefit obligation, as of 31 December 20X6. 20X6 Opening CSC Net interest PSC (new) Actuarial gains/losses Revaluation Funding Pension Obligation Answer is complete but not entirely correct. Plan Assets Net Pension Expense Pension Asset/Liab. Accumulated OCI $ 461,000 ( $ 107,500 $ 0 $ 353,500 $ 128,000 23,050 x 128,000 0 5,375 17,675 × 56,000 0 0 ☑ 0 0 0 5,125 51,000 0 56,000 × 0 5,125 5,125 51,000 51,000 0 0 $ 201,675 x 201,675 x 0 134,000 134,000 $ 719,050 $ 252,000 $ 467,050 $ 45,875 Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes Interest rate used for pension amounts, 5%. Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $83,000. For funding purposes Funding was $107,500 in 20X5 for all pension amounts. The payment was made on 31 December. Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Answer is complete and correct. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. Accumulated OCI 20X5 Beginning - PSC $ 360,000 $ 0 $ 360,000 $ 0 $ 0 CSC 83,000 0 83,000 0 0 Interest 18,000 0 18,000 0 0 0 $ 461,000 461,000 0 Funding 107,500 107,500 0 $ 461,000 $ 107,500 $ 353,500 0