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On January 1, 2013, Smith Co. had the following balances: Projected benefit obligation 4,200,000 Fair...

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Accounting

On January 1, 2013, Smith Co. had the following balances:

Projected benefit obligation 4,200,000

Fair value of plan assets 3,750,000

The settlement rate is 10%. Expected return on plan assets is 8%. Other data related to the pension plan for 2013 are:

Service cost 240,000

Amortization of prior service costs 54,000

Benefits paid 250,000

Actual return on plan assets 264,000

Amortization of net gain 18,000

Prepare all journal entries related to pensions for 2013

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