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H 1 At the end of 2022, the balances in the accounts related to the defined benefit pension plan of the Bishop Company were as follows: 2 3 4 5 6 7 8 On 1/1/23, Bishop amended the plan to provide an increased amount of pension benefits; the prior service cost resulting from this 9 amendment was $52,000. At 1/1/23, the average remaining service life of employees expected to receive benefits was 12 years. 10 11 The following information relates to the year 2023: 12 13 14 15 16 17 18 19 In 2023, Bishop's actual return on plan assets was $48,000. Bishop follows a policy of recognizing gains/losses on a delayed basis 20 using the "corridor approach". At the end of 2023, there was one change in the estimates and assumptions relating to computation of the 21 projected benefit obligation, resulting in an increase in the PBO of $29,000. 22 23 24 Required: 25 26 27 28 a. b. C. Projected benefit obligation Unrecognized prior service cost (remainder to be amortized over 12 years) Unrecognized net loss Plan assets (at fair value) Service Cost Settlement rate Expected rate of return on plan assets Plan contribution (at year-end) Benefit payments to retirees (at year-end) 131,625 6% 5% 118,500 101,250 990,000 82,500 144,000 785,625 Prepare Bishop's pension worksheet, and prepare the journal entry that Bishop would make to record the expense calculated. Which items will be reported on the financial statements for 2023 and where will they be reported? Prepare the pension note required for the 12/31/23 financial statements. L M N

On 1/1/23, Bishop amended the plan to provide an increased amount of pemion benefits; the prior service cost resulting from this amendment was $2,000. At 1/1/23, the aver age remaining service life of emplovees expected to recelve benefits was 12 years. The following information relates to the year 2023 : In 2023, Bishop's actual return on plan assets was $48,000. Bishop follows a policy of recognizing Eains/losses on a delayed basis using the "corridor approach". At the end of 2023 , there was one change in the estimates and assumptions relating to computation of the projected benefit obligation, resulting in an increase in the 180 of 579,000 Required: a. Prepare Bishop's pension worksheet, and prepare thejournal entry that Bishop would make to record the expense calculated. b. Which items will be reported on the financial statements for 2023 and where will they be reported? c. Prepare the pension note required for the 12/31/23 financial statements

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