Accounting for Pension Plans

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Please answer the three questions completly. I have attached the questions in excel where they need to be answered.

1)	XYZ Company had three defined benefit plans with the following information:				12 Points

		Plan 1	Plan 2	Plan 3
	Expected Payment over next year	3,500,000	3,500,000	3,500,000
	Fair Value of Plan Assets	5,000,000	6,000,000	3,000,000
	Projected Benefit Obligation	7,000,000	5,500,000	4,500,000

	Record the over/(under) funded status of each plan. Then determine the balance sheet presentation based on the over/(under) funded status. (Input an amount in each yellow cell. If zero, input zero.)



		Plan 1	Plan 2	Plan 3
	Over/ (Under) Funded Status
	Noncurrent Asset
	Current Liability**
	Noncurrent Liability

	** Think about the expected payment over the next year compared to the Plan Assets available.


2)	XYZ Company received the following information from its actuary team for the				10 points
	year pertaining to one of its defined benefit plans:

	Service Cost			120,000
	Interest on Projected Benefit Obligation			55,000
	Expected Return on Plan Assets			30,000
	Amortization of Prior Service Cost			15,000
	Amortization of Actuarial Gain			10,000

	Calculate the Pension Expense for the year (show all items included in the calculation):









3)	At the end of year, XYZ Corporation had the following pension related information in addition to the above information:				12 points


			12/31/X1	12/31/X2
	Fair Value of Plan Assets		405,000	505,000
	Projected Benefit Obligation		1,065,000	1,035,000
	Funded Status		(660,000)	(530,000)

	Record the Necessary Journal Entries:




	Entry to record Service Cost, Interest Cost and Return on Plan Assets:

	Account Name:		Debit	Credit



	Amortization of Prior Service Cost and/or Actuarial Losses:

	Account Name:		Debit	Credit



	Amortization of Actuarial Gains:

	Account Name:		Debit	Credit




4)	a) Identify a US Company that offers a Defined Benefit Plan and review the 10K information for 2016 of the identified company and provide a brief analysis based on footnotes related to the plan.				3 points















	b) Include screenshots to report the Funded Status and Pension Expense information for the selected plan.				1 Points
					1 Points












	c) Record the associated journal entries based on the screenshots for that company.				12 points
					12 points

	Entry to record Service Cost, Interest Cost and Return on Plan Assets:

	Account Name:		Debit	Credit



	Amortization of Prior Service Cost and/or Actuarial Losses:

	Account Name:		Debit	Credit



	Amortization of Actuarial Gains:

	Account Name:		Debit	Credit