2009 2010-Projected Benefit Obligation 65,000-Plan Assets (fair value), Jan 1 41,000-Pension asset/liability Jan 1 (credit) 24,000-Prior service cost, Jan 1 16,000-Service cost 4,000 5,900-Settlement rate 10% 10% -Expected rate of return 10% 10%-Actual return on plan assets 3,600 6,100-Amortization of prior service cost 7,000 5,500 -Annual contributions 7,200 8,100-Benefits paid to retirees 3,150 5,400-Increase in pension benefit obligations due to actuarial assumptions 8,700 0-Accumulated benefit obligationsat December 31 72,180 78,900-Average service life of all employees 20 Years -Vested benefit obligation-Dec 31 46,400Use the information provided to:-Prepare a pension worksheet for both years 2009 and 2010 and the necessary computations and amortization of the loss (2010), using the corridor approach.-Prepare in the same worksheet the journal entries to reflect all pension plan transactions and events at December 31 of each year.-For 2010, indicate the pension amounts to be reported in the financial statements.-In a one paragraph, explain alternative measures for valuing the pension obligation. What would you advise for Panache?
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