9 7 The following defined pension data of Metcalf Corp apply to the year 2020 8 Projected benefit obligation, 1/1/20 (before amendment) $560,000 10 Plan assets, 1/1/20 546,200 11 Pension liability 13,800 12 On January 1, 2020, Metcalf Corp., through plan amendment, grants prior 13 service benefits having a present value of 120,000 14 Settlement rate and expected rate of return 9% 15 Accumulated OCI- net (gain) or loss Dec. 31, 2019 74,000 16 Service cost 58,000 17 Contributions (funding) 65,000 18 Actual return on plan assets 52,280 19 Benefits paid to retirees 40,000 20 Prior Service Cost amortization for 2020 17,000 21 Average service life of all employees 12 years 22 23 Instructions: 1 24 For 2020, prepare a pension worksheet for Metcalf Corp that shows the journal entry for pension expense and the year-end balances in the 25 related pension accounts 26 27 28 29 METCALF CORP. Pension Worksheet-2020 30 items 31 Balance, Dec 31, 2019 32 Prior service cost 33 Balance January 1, 2020 34 Service cost 35 Interest cost 36 Actual return 37 Unexpected gain/loss 30 Amortization of PSC 35 Amortization of loss 40 Contributions 41 Benefits General Journal Entnes Memo Record Annual Pension OCI - Phot OCI- Pension Expense c Cash dr Service Cr Cost dr./ Gan/Loss dr / Asset Lablity Projected dr/Beneft Obligation dr/Plan cr. Assets 58,000 42 Journal entry for 2020 58,000 43 Accum OC, Dec. 31, 2019 44 Balance, Dec 31, 2020 45 46 47 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020 48 49 50 51 52 53