Respond to the following. Submit journal entries in an Excel.
Respond to the following. Submit journal entries in an ExcelTemplate, linked at the bottom of this page. Any written segments shouldbe included in Excel s comments function. Do not submit two separatedocuments, as only one document can be accepted. For written answers,make sure your responses are well written, formatted per APA REQUIRMENTS Melanie Vail Corp. sponsors a defined benefit pension plan for itsemployees. On January 1, 2015, the following balances relate to thisplan.Plan assets$480,000Projected benefit obligation625,000Accumulated OCI (PSC) 100,000As a result of the operation of the plan during 2015, the following additional data are provided by the actuary.Service cost for 2015$90,000Settlement rate9%Actual return on plan assets in 201557,000Amortization of prior service cost19,000Expected return on plan assets52,000Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions76,000Contributions in 201599,000Benefits paid retirees in 201585,000Download the Excel Template linked at the bottom of this page, containing the spreadsheets you will need for this exercise.Use the spreadsheetPensions to prepare a pension worksheet. On the pension worksheet,compute pension expense, pension asset/liability, projected benefitobligation, plan assets, prior service cost, and net gain or loss.Compute the same items as in (#1), assuming that the settlement rate is now 7% and the expected rate of return is 10%.Prepare the journal entry using the spreadsheet Journal Entries torecord pension expense in 2015. You need to prepare journal entries foronly #1 above.Indicate the reporting of the 2015 pension amounts in the incomestatement and balance sheet using the spreadsheet Pensions. You need toshow financial statements presentations for only #1 above.
Respond to the following. Submit journal entries in an Excel
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