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20.1 please P20.1 (LO 1, 2, 3, 4) Excel (2-Year Worksheet) On January 1, 2020, Harrington Company has the following defined benefit pension plan balances.
20.1 please P20.1 (LO 1, 2, 3, 4) Excel (2-Year Worksheet) On January 1, 2020, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation $4,500,000 Fair value of plan assets 4,200,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows. 2020 2021 Service cost $150,000 $180,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 240,000 285,000 Benefits paid 200,000 280,000 Actual return on plan assets 252,000 260,000 Expected rate of return on assets 6% 8% Instructions a. Prepare a pension worksheet for the pension plan for 2020 and 2021. b. For 2021, prepare the journal entry to record pension-related amounts. P20.2 (LO 1,2,3,4,5) Groupwork (3-Year Worksheet, Journal Entries, and Reporting) Jack son Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with -0
20.1 please
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