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The accountant for Kings Corporation has developed the following information for the company’s defined benefit pension plan for 2013: Service cost $500,000 Actual return on plan assets 240,000 Annual contribution to the plan 900,000 Benefits paid to retirees 60,000 Settlement rate 10% The accumulated, vested and projected benefit obligation at December 31, 2012, amounted to $2,500,000, $3,250,000, and $3,500,000 . Instructions (a) Using the above information for Kings Corporation, complete the pension work sheet for 2013. Indicate (credit) entries by parentheses. Calculated amounts should be supported. (b) Prepare the journal entry to reflect the accounting for the company’s pension plan for the year ending December 31, 2013. Created with an evaluation copy of Aspose.Words. To discover the full versions of our APIs please visit: https://products.aspose.com/words/ 20 ?PAGE ?38? Test Bank for Intermediate Accounting, Fourteenth Edition 20 ?PAGE ?37? Accounting for Pensions and Postretirement Benefits Kings Corporation Pension Work Sheet—2013 —————————————————————————————————————————————————————————— General Journal Entries Memo Entries ————————————————————————————————————————————————————————— ——————————————————————————————————————————————————————————Bal., Dec. 31, 2012 —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— —————————————————————————————————————————————————————————— Journal entry for 2013 Balance, Dec. 31, 2013 Created with an evaluation copy of…