The following defined pension data of Blossom Corp. apply to the year 2025.
Projected benefit obligation, 1/1/25 (before amendment)
$509,000
Plan assets, 1/1/25
496,000
Pension liability, 1/1/25
13,000
On January 1, 2025, Blossom Corp., through plan amendment,
grants prior service benefits having this present value
123,000
Settlement rate
9%
Service cost
58,300
Contributions (funding)
59,600
Actual (expected) return on plan assets
48,300
Benefits paid to retirees
43,500
Prior service cost amortization for 2025
16,400
For 2025, prepare a pension worksheet for Blossom that shows the journal entry for pension expense and the year-end balances in the
related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)
Items
Balance, Dec. 31, 2024
Prior service cost
Balance, Jan. 1, 2025
Service cost
Interest cost
Actual return
Amortization of PSC
Contributions
Benefits
Journal entry for 2025
Accumulated OCI, Dec. 31, 2024
$
Annual Pension
Expense
$
$
Cash
General Jour
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