Problem: Company A has the following information for plan year 2017.
Plan assets at 1/1/17 200,000
Projected Benefit Obligation 1/1/17 200,000
Annual Service Costs for 2017 15000
Settlement Rate 10%
Actual Return on Plan Assets for 2017 18,000
Funding Contributions for 2017 12,000
Benefits Paid out During the year for 2017 5,000
Required:
Q1. What is the pension expense worksheet for Company A?
Q2. Does the company have an asset or liability as a result of its defined benefit contribution plan at the end of 2017?
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