Crystal Glass Works Ltd provided you with the following

information #3282
Crystal Glass Works, Ltd. provided you with the following information regarding its defined-
benefit pension plan.a. Beginning plan assets at fair value (market-related value), $ 600,000b.
Beginning projected benefit obligation (PBO), $ 558,000c. Service cost for the year, $ 125,800d.
Settlement rate, 12%e. Expected return on plan assets, 9%f. Actual return on plan assets, $
30,100 lossg. Contributions for the year, $ 45,700h. Benefit payments for the year, $ 97,440i.
Beginning Accumulated Other Comprehensive Income, $ 42,000 (due to unamortized net
actuarial gains)j. Prior service costs awarded during the year (not effective as of the beginning
of the year) for vested employees, $ 19,690k. Amortization of prior service costs, $ 7,000l.
Decrease in the ending projected benefit obligation due to changes in actuarial assumptions
(i.e., actuarial gain), $ 8,000m. Average remaining service life of the employee base, 15
yearsRequireda. Prepare the separate “conceptual” journal entries for the relevant information
above.b. Compute the pension cost for the year.c. Determine the ending balances of the plan
assets and the projected benefit obligation and indicate the funded status of the plan.d. Prepare
the journal entry to record the current year’s pension cost.View Solution:
Crystal Glass Works Ltd provided you with the following information

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