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Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan Plan assets Projected
Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan Plan assets Projected benent obligation Pension asset/liability Accumulated OCI (PSC) $467,200 591,400 124,200 104,000 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $90,100 Settlement rate, 8% Actual return on plan assets 54,200 Amortization of prior service cost 18,100 Expected return on plan assets 51,100 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 77,500 Contributions 94.900 Benefits paid retirees 88,900 Annual Pension Items Expense Cash Service Cost Balance, Jan 1, 2020 OCI-Prior OCI-Gain/ Loss Pension Asset Liability Projected Benefit Obligation Plan Assets Service cold Interest cost Actual return Unexpected gain Amortization of PSC Liability increase Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec 31, 2019 Balance, December 31, 2020 Account Titles and Explanation Debit Credit
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