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Blossom Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (fair value)

Blossom Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan.

Plan assets (fair value) $670,000

Projected benefit obligation 720,000

Pension asset/liability 50,000 Cr.

Prior service cost 87,000 OCI - Loss 77,000

As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021.

Service cost for 2021 $82,000

Actual return on plan assets in 2021 54,840

Amortization of prior service cost 24,600

Contributions in 2021 127,000

Benefits paid retirees in 2021 92,000

Settlement rate 7 %

Expected return rate 8 %

Average remaining service life of active employees 10 years

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Blossom Corp. Pension Worksheet-2 General Journal Entries OCI-Prior Service Cost Annual Pension Expense Cash Balance, Jan 1, 2021 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 Compute pension expense for Blossom Corp. for the year 2021 by preparing a pension worksheet. Blossom Corp sion Worksheet-2018 Memo Record OCI - Gain/ Loss Penison Asset/ Liability Projected Benefit Obligation Plan Assets Prepare the journal entry for pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manuall Account Titles and Explanation Debit Credit

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