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Carla Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets Projected
Carla Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $463,600 588,800 125,200 96,700 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $92,600 57,600 19,900 54,500 Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees 78,600 96,900 84,300 Using the data above, compute pension expense for Carla Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.) Annual Pension Expense Items Cash Balance, Jan. 1, 2020 $ $ Service cost 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 CARLA CORP. Pension Worksheet General Journal Entries OCI-Prior Service Cost OCI- Gain/ Loss Pension Asset/ Liability $ V V > $ $ Memo Record Pension Asset/ Liability Projected Benefit Obligation Plan Assets $ $ >
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