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Professional Simulation

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Using Your Judgment1273

BRIDGE TO THE PROFESSION

Professional Research: FASB Codification

Monat Company has grown rapidly since its founding in 2002. To instill loyalty in its employees, Monat is contemplating establishment of a defined benefit plan. Monat knows that lenders and potential investors will pay close attention to the impact of the pension plan on the company’s financial statements, particularly any gains or losses that develop in the plan. Monat has asked you to conduct some research on the accounting for gains and losses in a defined benefit plan.

Instructions

If your school has a subscription to the FASB Codification, go tohttp://aaahq.org/ascLogin.cfm to log in and prepare responses to the following. Provide Codification references for your responses.

(a) Briefly describe how pension gains and losses are accounted for.

(b) Explain the rationale behind the accounting method described in part (a).

(c) What is the related pension asset or liability that will show up on the balance sheet? When will each of these situations occur?

Professional Simulation

In this simulation, you are asked to address questions regarding accounting for pensions.

Prepare responses to all parts.

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Accounting for

Time Remaining

A

B

C

1

2

3

Pensions

2 hours 20 minutes

4

5

Split Horiz

Split Vertical

Spreadsheet

Calculator

Exit

Unsplit

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Directions Situation .0/msohtmlclip1/01/clip_image026.jpg”>Measurement .0/msohtmlclip1/01/clip_image028.jpg”>Journal Entry.0/msohtmlclip1/01/clip_image026.jpg”> Disclosure Resources

Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.

Plan assets

$480,000

Projected benefit obligation

625,000

Accumulated OCI (PSC)

100,000 Dr.

As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.

Service cost for 2012

$90,000

Settlement rate

9%

Actual return on plan assets in 2012

57,000

Amortization of prior service cost

19,000

Expected return on plan assets

52,000

Unexpected loss from change in projected benefit obligation,

due to change in actuarial predictions

76,000

Contributions in 2012

99,000

Benefits paid retirees in 2012

85,000

Directions Situation .0/msohtmlclip1/01/clip_image026.jpg”>Measurement .0/msohtmlclip1/01/clip_image028.jpg”>Journal Entry.0/msohtmlclip1/01/clip_image026.jpg”> Disclosure Resources

(a)Use a computer spreadsheet to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior

service cost, and net gain or loss.

(b) Compute the same items as in (a), assuming that the settlement rate is now 7% and the expected rate of return is 10%.

Directions Situation .0/msohtmlclip1/01/clip_image026.jpg”>Measurement .0/msohtmlclip1/01/clip_image028.jpg”>Journal Entry.0/msohtmlclip1/01/clip_image026.jpg”> Disclosure Resources

Prepare the journal entry to record pension expense in 2012.

Directions Situation .0/msohtmlclip1/01/clip_image028.jpg”>Measurement .0/msohtmlclip1/01/clip_image026.jpg”>Journal Entry.0/msohtmlclip1/01/clip_image026.jpg”> Disclosure Resources

Indicate the reporting of the 2012 pension amounts in this income statement and balance sheet.

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