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Option #1: Pension

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OPTION #1: PENSION
Complete the following questions. In addition to answering the items below, you must submit an analysis of the assignment. Analyze the specific outcomes and write an analysis directed toward the team at Melanie Vail Corp. describing what the numbers mean and how they relate to the business. Submit journal entries in an Excel file and written segments in an MS Word document. For written answers, please make sure your responses are well-written, formatted per CSU-Global Guide to Writing and APA and have proper citations, if applicable.
Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan.
Plan assets $480,000
Projected benefit obligation 625,000
Accumulated OCI (PSC) 100,000 Dr.
Accumulated OCI (Gain/Loss) 85,000 Cr.
As a result of the operation of the plan during 2017, the following additional data are provided by the actuary:
Service cost for 2017 $90,000
Settlement rate 9%
Actual return on plan assets in 2017 57,000
Expected return on plan assets 10%
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 76,000
Contributions in 2017 99,000
Benefits paid retirees in 2017 85,000
Avg. remaining service life (all employees) 12 years
Click the link below to download an Excel workbook containing the spreadsheets you will need for this exercise.
1. Use the spreadsheet Pensions to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss.
2. Prepare the journal entry using the spreadsheet Journal Entries to record pension expense in 2017.
3. Indicate the reporting of the 2017 pension amounts in the income statement and balance sheet using the spreadsheet Pensions.
4. What is the amount of deferred pension gain or loss that the company will carry forward to 2018?
5. Compute the same items as in (#1), assuming that the expected rate of return is 14% and the Accumulated OCI (Gain/Loss) is a Debit balance at January 1, 2017.

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