The following is an incomplete pension spreadsheet for the current year for Sparky Corporation.
Required:
1)Complete the pension spreadsheet.
2)Prepare the journal entries to record pension expense and funding of plan assets for the year.
3)Prepare the journal entry/ies to record any gains or losses for the year.
Definitions:
Operating Assets
Operating assets are the assets a company uses in its daily operations to generate revenue, such as inventory, property, plant, and equipment.
Net Operating Income
Refers to the profit realized from a business's operations after subtracting all operating expenses, excluding taxes and interest.
Residual Income
The net income an enterprise or project generates above its cost of capital or required rate of return.
Contribution Margin Ratio
A calculation that shows what percentage of sales revenue is available to cover the fixed costs of a business after variable costs have been paid.
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