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Gellhorn, Inc

Accounting

Gellhorn, Inc., had the following January 1 balances in relation to its defined benefit pension plan: Projected benefit obligation $100,000 Plan assets (fair value) 100,000 During the year, Gellhorn amortized $10,000 of prior service cost and $10,000 of liability loss. Gellhorn also contributed $10,000 of funding to the plan. The plan paid $10,000 in benefits. The plan's discount rate is 6%. During the year, the plan achieved an 8% return on plan assets. Gellhorn's expected rate of return is 10%, and service cost was $10,000. Enter the appropriate amounts in the designated cells below. Indicate debit balances as positive numbers and credit balances as negative numbers using a leading minus (-) sign. Item Amount 1. Minimum required pension expense for year 2. Projected benefit obligation at December 31 3. Plan assets at December 31

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