5-5

Tamarisk Company sponsors a defined benefit plan for its 100 employees. On January 1,2020 , the company's actuary provided the following information, The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31,2020 , the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $51,800; the projected benefit obligation was $482,500; fair value of pension assets was $270,800 : the accumulated benefit obligation amounted to $366,900. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11,500. The company's current year's contribution to the pension plan amounted to $62.400. No benefits were paid during the year, Determine the components of pension experse that the company would recognize in 2020. With only one year involved, you need not prepare a worksheet.) (Enter amounts that reduce pension expense with either a negative sign preceding the number eg, 45 or Prepare the journal entry to record the pension expense and the company's funding of the pension plan in 2020 . (Credit occount titles are automatically indented when amount is entered. Do not indent maniully. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.) eTextbook and Media List of Accounts Compute the amount of the 2020 increase/decrease in gains of losses and the amount to be amortized in 2020 and 2021. 2020 increase/Decrease in Amortization in 2020 Amortization in 2021 Indicate the pension amounts reported in the financial statement as of December 31. 2020 . (Enter negative amounts using either a negative sign preceding the number es, - 15,630 or porentheses eg. (15,630) Tamarisk Company Balance Sheet (Partial) December 31, 2020 Liabilities Pension Asset/Liability Stockholders' Equity Accumulated Other Comprehensive income (PSC) Accumulated Other Comprehensive Loss (PSC)