C1 Prepare a pension worksheet for 2021?

Problem 20-09 (Part Level Submission) Kingbird Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $1,610,000 Fair value of plan assets 4,640,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $603,000 are created. Other data related to the pension plan are: 2020 $151,000 2021 $170,000 0 90,000 202,000 187,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return an plan assets Expected rate of return on assets 222,000 251,000 278,000 349,00g 644 6 8% (a) ) Your answer is correct Prepare a pension worksheet for the pension plan in 2020. (Enter all amounts as positive.) KINGBIRD COMPANY Pension Worksheet-2020 General Journal Entries Annual Pension OCI-Prior OCI-Gain/ Items Expense Cash Service Cost Loss Balance, Jan. 1, 2020 Pension Asset/ Liability Memo Record Projected Benefit Obligation 4640000 Cro Plan Assets 4640000|| Dr. Service cost 151000 Dr. 151000 Cr. . Interest cost 464000 Dr. 464000|Cr. Actual return 251000C. + 251000l Dr. Unexpected loss 27400C 27400 Dr. 2 Contributions 202000 Cr. 202000 Dr. Benefits 222000 Dr. 222000l Cr.. LE Journal entry for 2020 336600 | Dr. 202000 Cro 27400 Dr. 162000 Cr. Accumulated OCI Dec 31, 2019 Balance, Dec. 31, 2020 27400 | Dr. 162000 Cr. 5033000|Cret 4871000|| Dr. Click if you would like to Show Work for this question: Open Show Work (c1) Prepare a pension worksheet for 2021. (Enter all amounts as positive.) KINGBIRD COMPANY Pension Worksheet-2020 and 2021 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Loss Annual Pension Expense Pension Asset/ Liability Cash Memo Record Projected Benefit Obligation $4,640,000Cr. 151,000Cr. 464,000Cr. Plan Assets $4,640,000Dr. $151,000Dr. 464,000Dr. 251,000Cr. 27,400Dr. 251,000Dr. $27,400Dr. Items Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected loss Contributions Benefits Journal entry for 2020 Accumulated OCI Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 $202,000Cr. 202,000Dr. 222,000Cr. 222,000Dr. $336,600Dr. $202,000Cr. $162,000Cr. 27,400Dr. 0 $27,400Dr. $162,000Cr. 5,033,000Cr. 4,871,000Dr. $ 4 Balance, Jan. 1, 2021 000 A Service cost Interest cost Actual return A WW 4 0000000000 Unexpected loss 4 Amortization of PSC A Contribution 000 Benefits A A 4 Journal entry for 2021 4 4 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 $ $ $ Click if you would like to Show Work for this question: Open Show Work