The following data relate to a pension plan for ISPN Inc.

Required

a. Provide the entries related to the defined pension plan for 2020 assuming a discount rate of \(8 \%\). Amortize Accumulated OCI-Pension Gain/Loss using the straight-line method over 15 years.

b. Assuming pension expenses are not capitalized as part of inventory or other assets, indicate the effect on the income statement for the year ended December 31, 2020.

c. Indicate the changes in balance sheet accounts between January 1 and December 31, 2020.

d. Create a worksheet to summarize the pension data at the end of 2020 .

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Account Balances Projected Benefit Obligation.. Plan Assets.. Accumulated OCI-Pension Gain/Loss... Accumulated OCI-Prior Service Cost.... Jan. 1, 2020 Activity 2020 $30,000 Cr. Service cost $7,000 30,000 Dr. 5,000 Cr. 8,000 Dr. Contributions Expected return on plan assets Actual return on plan assets. 9,000 Prior service cost amortization... 1,000 2,000 3,000