Question
At January 1, 2020, Flounder Company had plan assets of $274,800 and a projected benefit obligation of the same amount. During 2020, service cost was
At January 1, 2020, Flounder Company had plan assets of $274,800 and a projected benefit obligation of the same amount. During 2020, service cost was $27,400, the settlement rate was 10%, actual and expected return on plan assets were $26,100, contributions were $19,900, and benefits paid were $17,600. Prepare a pension worksheet for Flounder Company for 2020.
| FLOUNDER COMPANY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General Journal Entries | Memo Record | ||||||||||||||
| Items | Pension Expense | Cash | Pension Asset/Liability | Projected Benefit Obligation | Plan Assets | ||||||||||
| 1/1/20 | |||||||||||||||
| Service cost |
| ||||||||||||||
| Journal entry, 12/31/20 | . |
| |||||||||||||
| Balance, 12/31/20 | |||||||||||||||
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