Assistance needed completing the financial statements....

Problem 20-14 Nash Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated postretirement benefit obligation Fair value of plan assets $2,232,000 2,232,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends the plan so that prior service costs of $174,000 are created. Other data related to the plan are: 2020 $76,000 Service costs Prior service costs amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 46,000 40,000 140,000 8 % 2021 $84,000 12,000 35,000 44,000 120,000 6 % Prepare a worksheet for 2021. (Enter all amounts as positive.) Nash Co. Postretirement Benefit Worksheet-2020, 2021 General Journal Entries OCI-Prior OCI, Gain/ Service Cost Loss Memo Record Annual Expense Cash Postretirement Asset/ Liability Plan Assets $2,232,000 Dr. $2,232,000 Cr. 76,000 Cr. 223,200 Cr. $0 $76,000 Dr. 223,200 Dr. 140,000 Cr. 38,560 Cr. 140,000 Dr. $38,560 Dr. Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected loss Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 $46,000 Cr. 46,000 Dr. 40,000 Cr. 40,000 Dr. $120,540 Dr. 545,000 Cr. 38,560 Dr. 113,200 Cr. 38,560 Dr. 113,200 Cr. 2,378,000 Dr. 174,000 Dr. V Balance, Jan. 1, 2021 Service cost 2,491,200 Cr. 174,000 Cr. V 2,665,200 Cr. 84,000 Cr. 266,520 Cr. V Interest cost Actual return 84,000 Dr. V 266,520 Dr. V 120,000 Cr. 22,680 Cr. 12,000 Dr. V 120,000 Dr. 22,680 Dr. V Unexpected loss Amortization of PSC 12,000 Cr. 7 Contributions 35,000 Cr.V 35,000 Dr. 44,000 Cr. Benefits 44,000 Dr. 7 219,840 Dr. V $ 35,000 Cr. 162,000 Dr. V I 22,680 Dr. V 369,520 Cr. Journal entry for 2021 Accumulated OCI, Dec 31, 2020 Balance, Dec. 31, 2021 162,000 Dr. $ 22,680 Dr. v s 2,971,720 Cr. $ 2,381,000 Dr. V Indicate the postretirement-benefit-related amounts reported in the 2021 financial statements. (Enter negative amounts using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Nash Co. Partial Income Statement For the Year Ended December 31, 2021 Postretirement Expense Nash Co. Comprehensive Income Statement For the Year Ended December 31, 2021 7 Net Income (Loss) $XXXX Other Comprehensive Income (Loss) Asset Gain (Loss) 22,680 Amortization of Loss Prior Service Cost Amortization SXXXX Comprehensive Income (Loss) Nash Co. Partial Balance Sheet December 31, 2021 Liabilities Postretirement Liability Stockholders' Equity Accumulated Other Comprehensive Loss (G/L) Accumulated Other Comprehensive Loss (PSC) Click if you would like to show Work for this question: Open Show Work Problem 20-14 Nash Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated postretirement benefit obligation Fair value of plan assets $2,232,000 2,232,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends the plan so that prior service costs of $174,000 are created. Other data related to the plan are: 2020 $76,000 Service costs Prior service costs amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 46,000 40,000 140,000 8 % 2021 $84,000 12,000 35,000 44,000 120,000 6 % Prepare a worksheet for 2021. (Enter all amounts as positive.) Nash Co. Postretirement Benefit Worksheet-2020, 2021 General Journal Entries OCI-Prior OCI, Gain/ Service Cost Loss Memo Record Annual Expense Cash Postretirement Asset/ Liability Plan Assets $2,232,000 Dr. $2,232,000 Cr. 76,000 Cr. 223,200 Cr. $0 $76,000 Dr. 223,200 Dr. 140,000 Cr. 38,560 Cr. 140,000 Dr. $38,560 Dr. Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected loss Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 $46,000 Cr. 46,000 Dr. 40,000 Cr. 40,000 Dr. $120,540 Dr. 545,000 Cr. 38,560 Dr. 113,200 Cr. 38,560 Dr. 113,200 Cr. 2,378,000 Dr. 174,000 Dr. V Balance, Jan. 1, 2021 Service cost 2,491,200 Cr. 174,000 Cr. V 2,665,200 Cr. 84,000 Cr. 266,520 Cr. V Interest cost Actual return 84,000 Dr. V 266,520 Dr. V 120,000 Cr. 22,680 Cr. 12,000 Dr. V 120,000 Dr. 22,680 Dr. V Unexpected loss Amortization of PSC 12,000 Cr. 7 Contributions 35,000 Cr.V 35,000 Dr. 44,000 Cr. Benefits 44,000 Dr. 7 219,840 Dr. V $ 35,000 Cr. 162,000 Dr. V I 22,680 Dr. V 369,520 Cr. Journal entry for 2021 Accumulated OCI, Dec 31, 2020 Balance, Dec. 31, 2021 162,000 Dr. $ 22,680 Dr. v s 2,971,720 Cr. $ 2,381,000 Dr. V Indicate the postretirement-benefit-related amounts reported in the 2021 financial statements. (Enter negative amounts using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Nash Co. Partial Income Statement For the Year Ended December 31, 2021 Postretirement Expense Nash Co. Comprehensive Income Statement For the Year Ended December 31, 2021 7 Net Income (Loss) $XXXX Other Comprehensive Income (Loss) Asset Gain (Loss) 22,680 Amortization of Loss Prior Service Cost Amortization SXXXX Comprehensive Income (Loss) Nash Co. Partial Balance Sheet December 31, 2021 Liabilities Postretirement Liability Stockholders' Equity Accumulated Other Comprehensive Loss (G/L) Accumulated Other Comprehensive Loss (PSC) Click if you would like to show Work for this question: Open Show Work