On January 1, 2025, Blossom Company has the following defined benefit pension plan balances.Projected benefit obligation$4,454,000Fair value of plan assets4,140,000The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends its pension agreement so thatprior service costs of $509,000 are created. Other data related to the pension plan are as follows.20252026Service cost$149,000$177,000Prior service cost amortization-0-92,000Contributions (funding) to the plan237,000283,000Benefits paid196,000274,000Actual return on plan assets248,400260,000Expected rate of return on assets6%8%(a)Prepare a pension worksheet for the pension plan for 2025 and 2026. (Enter all amounts as positive.)BLOSSOM COMPANYPension Worksheet-2025 and 2026General Journal EntriesOCI-PriorService CostOCI-Gain/PelLoss Cr.$>>10$509000Dr.>>>>>Cr.>>>>>>Cr.92000Cr.$>>>>>>>417000Dr.94352>Dr. ▾$>>>94352Dr. ▼>>10$

A pension is a fund that receives contributions from an employee while they are still working and…

Answered: Prepare a pension worksheet for the…

Business

Accounting

Prepare a pension worksheet for the pension plan for 2025 and 2026. (Enter all amounts as positive.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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e
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