Problem: Veldre Company provides the following information about its defined benefit pension plan for the year 2025.
Service cost $90,000
Contribution to the plan 105,000
Prior service cost amortization 10,000
Actual and expected return on plan assets 64,000
Benefits paid 40,000
Plan assets at January 1, 2025 640,000
Projected benefit obligation at January 1, 2025 700,000
Accumulated OCI (PSC) at January 1, 2025 150,000
Interest/discount (settlement) rate 10%
Use the pension worksheet inserting January 1, 2025, balances, showing December 31, 2025.