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The following information is provided to you from the pension administration firm of your client...

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Accounting

The following information is provided to you from the pension administration firm of your client Jacks Speed Wash, Inc:

Service Cost . . . . . . . . . . . . . . . . . . $86,450

Contribution to plan . . . . . . . . . . . . . . 104,500

Prior Service Cost Amortization. . . . . . . . . 4,800

Actual and Expected Return on Assets . . . . . . 96,650

Benefits Paid. . . . . . . . . . . . . . . . . . 64,900

Plan Assets, January 1, 2022 . . . . . . . . . . 905,000

Projected Benefit Obligation, January 1, 2022. . 945,500

Interest/Discount (settlement) rate. . . . . . . 6%

Accumulated OIC (PSC), January 1, 2022 . . . . . 24,000

Required Complete the pension worksheet below for 2022, and prepare the necessary journal entry at December 31, 2022.

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