SIMULATION 5

SIMULATION 5

Chapter 20

Glibler, Inc., on January 1, 2013, initiated a noncontributory defined benefit pension plan for its employees. An actuarial consulting firm has indicated that the present value of the projected benefit obligation on January 1, 2013 was $1,760,000, prior service cost on that date was $1,260,000 and the company has set aside assets valued at $500,000 for the plan on the same date. The following information related to the plan is also available:

         Employers Contribution at year end $   500,000
         Benefits paid at year end      400,000
         Accumulated Benefit Obligation at year end 1,300,000
         Service Cost     150,000
         Prior Service Cost Amortization Period           10.5 years
         Discount Rate            10%
         Expected Asset Return Rate            10%

REQUIRED:

Compute the components of pension expense for 2013

Compute the Other Comprehensive Income adjustment for 2013.

Prepare the pension journal entries required for 2013.

Develop the plan status as of December 31, 2013 showing the PBO, Plan Assets, over/under funded status, unamortized prior service cost and the (accrued)/prepaid recorded on the books.

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