Pharoah Acres sponsors a defined-benefit pension plan. The corporation's actuary provides the following information about the plan: January 1, 2025 December 31, 2025 Vested benefit obligation $510 $600 Accumulated benefit obligation 600 830 Projected benefit obligation 840 974 Plan assets (fair value) 590 740 Settlement rate and expected rate of return 10% Pension asset/liability 250 ? Accumulated OCI (PSC) 200 Service cost for the year 2025 100 Contributions (funding in 2025) Benefits paid in 2025 588 50 90 The average remaining service life per employee is 10 years. (a1) Prepare a 2025 pension worksheet. (Enter all amounts as positive.)
Pharoah Acres sponsors a defined-benefit pension plan. The corporation's actuary provides the following information about the plan: January 1, 2025 December 31, 2025 Vested benefit obligation $510 $600 Accumulated benefit obligation 600 830 Projected benefit obligation 840 974 Plan assets (fair value) 590 740 Settlement rate and expected rate of return 10% Pension asset/liability 250 ? Accumulated OCI (PSC) 200 Service cost for the year 2025 100 Contributions (funding in 2025) Benefits paid in 2025 588 50 90 The average remaining service life per employee is 10 years. (a1) Prepare a 2025 pension worksheet. (Enter all amounts as positive.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Pharoah Acres sponsors a defined-benefit pension plan. The corporation's actuary provides the following information about the plan:
January 1, 2025
December 31, 2025
Vested benefit obligation
$510
$600
Accumulated benefit obligation
600
830
Projected benefit obligation
840
974
Plan assets (fair value)
590
740
Settlement rate and expected rate of return
10%
Pension asset/liability
250
?
Accumulated OCI (PSC)
200
?
Service cost for the year 2025
100
Contributions (funding in 2025)
Benefits paid in 2025
50
828
90
The average remaining service life per employee is 10 years.
(a1)
Prepare a 2025 pension worksheet. (Enter all amounts as positive.)
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