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Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost $225,300 Contribution to the plan 263,000
Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost $225,300 Contribution to the plan 263,000 Past service cost, effective December 31, 2020 25,200 Actual return on plan assets 159,000 Benefits paid 111,000 Net defined benefit liability at January 1, 2020 428,000 Plan assets at January 1, 2020 1,590,000 Defined benefit obligation at January 1, 2020 2,018,000 Interest/discount rate on the DBO and plan assets 10% Blossom follows IRFS. Annual Pension General Journal Entries Expense $ Balance, 01/01/2020 Service cost 225300 Past service cost Cash Dr. Dr. 263000 Dr. Net interest/finance cost 201800 Contributions Benefits paid 159000 Dr. Expense entry Contribution entry Balance, 12/31/2020 $ ntries Blossom Corporation Pension Work Sheet-2020 Net Def. Benefit Liab/Asset Dr. 25200 Dr. Defined Benefit Obligation $ $ $ Memo Recc Def. efit Asset 00 $ Defined Benefit Obligation Memo Record +A Plan Assets +A $ $
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