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02. Best Home Construction Corporation has a defined benefit pension plan. The 2019 data for this plan appear below. At 12/31/19: ($ in thousands) PBO
02. Best Home Construction Corporation has a defined benefit pension plan. The 2019 data for this plan appear below. At 12/31/19: ($ in thousands) PBO ABO Plan Assets Pension Asset/ (Liability) ($3,765, 000) ($2,447,000) $3,600,000 ($ 165,000) For 2020: ($ in thousands) Amendment at 1/1/2020 - Prior Service cost $450,000 Actual return on plan assets Service cost Cash contributions Retiree benefits paid $150,000 $207,000 $191,250 $182,000 6$ Settlement rate for liability Expected return on plan assets The average remaining service life of the active employee group is 15 years in 2020. Required: a. Complete the pension worksheet b. Prepare the journal entry to record the plan amendment at 1/1/2020. c. Prepare the journal entry to record 2020 pension expense. Description GENERAL JOURNAL Other Comprehensive Memo entry - Pension trust Income Cash PSC Unrecog Pension PBO Plan Assets (Gain)/Loss Asset/(Liab) (165,000) (3,765,000) 3,600,000 Pension Expense Balances at 12/31/2019 Go to next page for part b and c- journal entries For Parts b and c, use any (not all) of the following account names: Pension expense, Cash, Other comp inc - PSC, Other comp inc gain/1033, Pension Asset/Liab, Accounts Payable, Accounts Receivable, Deferred Tax Asset, and Deferred Tax Liability. b. Journal entry to record the plan amendment at 1/1/2020 c. Journal entry to record 2020 pension expense
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