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Current Attempt in Progress Avayai Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this
Current Attempt in Progress Avayai Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $458,000 Projected benefit obligation 596,900 Pension asset/liability 138,900 Accumulated OCI (PSC) 102,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $92,200 Settlement rate, 10% Actual return on plan assets 54,900 Amortization of prior service cost 18,000 Expected return on plan assets 51,900 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 75,800 Contributions 94,100 Benefits paid retirees 86,300 Part 1 Your answer is partially correct. Using the data above, compute pension expense for Ayayal Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.) Items Balance, Jan. 1, 2020 $ Service cost Interest cost Actual return Unexpected gain Annual Pension Expense 92200 Dr. 45800 Dr. 54,900 Cr. 7780 Dr. Amortization of PSC 18000 Dr. Liability increase 138800 Dr. Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, December 31, 2020 eTextbook and Media List of Accounts Save for Later $ Cash 138800 94100 93320 94100 Dr. Assistance Used Attempts: 1 of 3 used Submit
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