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Complete the pension sheet. Service cost $620 Contributions to the plan 580 Prior service cost amortization 40 Actual return on plan assets 420 Expected return
Complete the pension sheet.
Service cost $620 Contributions to the plan 580 Prior service cost amortization 40 Actual return on plan assets 420 Expected return on plan assets 460 Benefits paid 270 Plan assets at January 1, 2021 5,200 Projected benefit obligation at January 1, 2021 5,700 Accumulated OCI (PSC) at January 1, 2021 120 Discount rate 5% Instructions: Complete the Pension Worksheet using the provided information and prepare all journal entries. Be sure to indicate whether the amount you insert in the table is a debit or a credit (to the right of the amount place a d for debit or a c for credit). Also indicate if the plan is overfunded or underfunded at the end of the year. Reported Only Recorded in Accounts Net Prior Service Gain/loss Cost - AOCI - AOCI Pension Expense Net Pension Cash|| (Liability)/Asset) PBO Plan Assets Balance, Jan. 1, 2021 Service Cost Interest Cost Expected return on assets Unexpected gain/loss on assets Amortization - PSC Amortization - Net gain/loss Contribution to fund Retiree benefits paid Balance, Dec. 31, 2021Step by Step Solution
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