07 Note Maried out of 12:00 Y question Preparing Pension Journal Entries and Pension Worksheet Laker Company has a noncontributory defined benefit pension plan. The company must record its pension expense for the year ended December 31, 2020. The following data are available Activity 2020 Service cost 1600000 Interest costat 48.000 Cosson Peo due to actuarial changesdetermined Dec 31, 2020 20,000 Pension benefit paid to retirees 200,000 Actual return on plan ossets 36,000 Employer contributions 120.000 Pension benefits paid 200,000 Account balances Jan 1, 2020 Accumulated OL-Prior Service Cost 572,000 D Accumulated OCH Pension Gain/Loss 8000 D Projected Benefit bon 500,000 Plan Assets 400.000 DI Other Average remaining service period 10 years Expected return on planas SON Pension Worksheet Journal Entries b. Provide Laker's pension entries at December 31, 2020 Note: List multiple debits (when applicable in alphabetical order and list multiple credits (when applicable) in alphabetical order Note: Round your answers to the nearest whole dollar Date Account Name Dr. CE Dec 31, 2020 Plan Assets Projected Benefit Obligation MacBook Pro $ 4 % 5 0 > 8 7 8 9 O 3 I T 0 Y Telw E R W T Support Account Balances Jan 1, 2020 Accumulated C-Prior Service Cost 572,000 Dr. Accumulated Pension Gain/Loss 8.000 Or Projected benefit Obligation 600.000 C Plan Assets 400,000 Dr. Other Average remaining service period 10 years Expected return on plan assets TON Pension Worksheet Journal Entries . > > b. Provide Laker's pension entries at December 31, 2020 Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Date Account Name Dr. Cr. Dec 31, 2020 Plan Assets Projected Benefit Obligation Cash OCI-Prior Service Cost To record pension expense Dec 31, 2020 Cash Projected Benefit Obligation To record deferral of unexpected loss on plan assets Dec 31, 2020 0 To record deferral of actuarial loss on PBO Dec 31, 2020 0 0 Torecord plan funding Dec 31, 2020 0 0 0 To record benefits pald OO OO 0 OO OO 0 Plan Assets 400,000 Dr Other Average remaining service period 10 years Expected return on plan assets 109 Pension Wor@gheet Journal Entries a. Create a worksheet to summarize the pension data at the end of 2020. Assume that Laker uses the corridor approach in amortizing any pension gain/loss. Note: Round your answers to the nearest whole dollar. Reported in Comprehensive Income Oci Pension Prior Pension Expense Service Cost Gain/Loss OS 0 Reported Net in Financial Statements Reported on Balance Sheet Accumulated OCI Plan Net Pension Prior Pension Cash Assets PBO Asset/Liability Service Cost Gain/Loss Outflow $ 05 0 $ Balance, January 1, 2020 05 0 0 Service cost 0 os 0 0 0 0 Interest cost 0 0 0 0 0 Expected return 0 0 Unexpected loss on plan assets 0 Actuarial loss on PBO 0 0 0 Prior service cost amortization 0 0 0 0 Contributions to fund a Benefit payments OS OS 0.5 0 OS s Balance, December 31, 2020 olo O OOOOOO OOOOOO OOOOOOOOO DOOOOOO OOOOO OOOOOOOOO 0 OOO $ 0.5 Check Previous Save Answers MacBook Pro 11 888 07 Note Maried out of 12:00 Y question Preparing Pension Journal Entries and Pension Worksheet Laker Company has a noncontributory defined benefit pension plan. The company must record its pension expense for the year ended December 31, 2020. The following data are available Activity 2020 Service cost 1600000 Interest costat 48.000 Cosson Peo due to actuarial changesdetermined Dec 31, 2020 20,000 Pension benefit paid to retirees 200,000 Actual return on plan ossets 36,000 Employer contributions 120.000 Pension benefits paid 200,000 Account balances Jan 1, 2020 Accumulated OL-Prior Service Cost 572,000 D Accumulated OCH Pension Gain/Loss 8000 D Projected Benefit bon 500,000 Plan Assets 400.000 DI Other Average remaining service period 10 years Expected return on planas SON Pension Worksheet Journal Entries b. Provide Laker's pension entries at December 31, 2020 Note: List multiple debits (when applicable in alphabetical order and list multiple credits (when applicable) in alphabetical order Note: Round your answers to the nearest whole dollar Date Account Name Dr. CE Dec 31, 2020 Plan Assets Projected Benefit Obligation MacBook Pro $ 4 % 5 0 > 8 7 8 9 O 3 I T 0 Y Telw E R W T Support Account Balances Jan 1, 2020 Accumulated C-Prior Service Cost 572,000 Dr. Accumulated Pension Gain/Loss 8.000 Or Projected benefit Obligation 600.000 C Plan Assets 400,000 Dr. Other Average remaining service period 10 years Expected return on plan assets TON Pension Worksheet Journal Entries . > > b. Provide Laker's pension entries at December 31, 2020 Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Date Account Name Dr. Cr. Dec 31, 2020 Plan Assets Projected Benefit Obligation Cash OCI-Prior Service Cost To record pension expense Dec 31, 2020 Cash Projected Benefit Obligation To record deferral of unexpected loss on plan assets Dec 31, 2020 0 To record deferral of actuarial loss on PBO Dec 31, 2020 0 0 Torecord plan funding Dec 31, 2020 0 0 0 To record benefits pald OO OO 0 OO OO 0 Plan Assets 400,000 Dr Other Average remaining service period 10 years Expected return on plan assets 109 Pension Wor@gheet Journal Entries a. Create a worksheet to summarize the pension data at the end of 2020. Assume that Laker uses the corridor approach in amortizing any pension gain/loss. Note: Round your answers to the nearest whole dollar. Reported in Comprehensive Income Oci Pension Prior Pension Expense Service Cost Gain/Loss OS 0 Reported Net in Financial Statements Reported on Balance Sheet Accumulated OCI Plan Net Pension Prior Pension Cash Assets PBO Asset/Liability Service Cost Gain/Loss Outflow $ 05 0 $ Balance, January 1, 2020 05 0 0 Service cost 0 os 0 0 0 0 Interest cost 0 0 0 0 0 Expected return 0 0 Unexpected loss on plan assets 0 Actuarial loss on PBO 0 0 0 Prior service cost amortization 0 0 0 0 Contributions to fund a Benefit payments OS OS 0.5 0 OS s Balance, December 31, 2020 olo O OOOOOO OOOOOO OOOOOOOOO DOOOOOO OOOOO OOOOOOOOO 0 OOO $ 0.5 Check Previous Save Answers MacBook Pro 11 888