I need a help with pension in accounting

It’s intermediate level accounting questions.please solve it with detail explanations!It’s 3 questions with one chart which is not that hard!I need it to be solved ASAP!
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AF311 Intermediate Accounting II
Homework #5
Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1,
2011, the following balances related to this plan.
Plan assets (market-related value)
Projected benefit obligation
Pension asset/liability
Prior service cost
OCI – Loss
$450,000
600,000
150,000 Cr.
75,000
65,000
As a result of the operation of the plan during 2011, the actuary provided the following
additional data at December 31, 2011.
Service cost for 2011
$ 75,000
Settlement rate
7%
Actual return on plan assets in 2011
45,000
Expected return on plan assets in 2011
36,000
Amortization of prior service cost
20,000
Contributions in 2011
115,000
Benefits paid retirees in 2011
70,000
Average remaining service life of active employees 10 years
Required:
1. Using the corridor method, calculate the amount of loss to be amortized from OCILoss account in 2011.
2. Complete the pension worksheet provided on the next page for Howard Corp. for the
year 2011. Clearly distinguish debit and credit entries. (You may create your own
worksheet using Excel or Word.)
3. Prepare the journal entry for pension expense in 2011.
Annual
Pension
Expense
Balance, Jan. 1, 2011
Current Service Cost
Interest cost
Expected/Actual return
Amortization of PSC
Amortization of loss
Contributions
Benefits
Journal entry for 2011
Balance, Dec. 31, 2011
Howard Corp.
Pension Worksheet—2011
General Journal Entries
OCI—Prior
Service
OCI—
Cash
Cost
Gain/Loss
Memo Record
Projected
Pension
Benefit
Plan
Asset/Liability Obligation
Assets

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