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At January 1, 2020, Skysong Company had plan assets of $281,700 and a projected benefit obligation of the same amount. During 2020, service cost was

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At January 1, 2020, Skysong Company had plan assets of $281,700 and a projected benefit obligation of the same amount. During 2020, service cost was $28,500, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,400, and benefits paid were $18,400. Prepare a pension worksheet for Skysong Company for 2020. Prepare a pension worksheet for Skysong Company for 2020. SK General Journal Entries Pension Expense Items Cash $ $ 1/1/20 Service cost : Interest cost Actual return . Contributions Benefits $ Journal entry, 12/31/20 Balance, 12/31/20 SKYSONG COMPANY General Journal Entries Pension Asset/Liability Projected Benefit Obligation Cash $ $ $ 4A . . . $ Memo Record Projected Benefit Obligation Plan Assets $ $ . . >

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