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Current service cost $ 144,000 Contribution to the plan 182,600 Past service cost, effective December 31, 2020 60,000 Actual return on plan assets 160,000 Benefits
Current service cost | $ 144,000 |
Contribution to the plan | 182,600 |
Past service cost, effective December 31, 2020 | 60,000 |
Actual return on plan assets | 160,000 |
Benefits paid | 95,000 |
Net defined benefit liability at January 1, 2020 | 20,000 |
Plan assets at January 1, 2020 | 1,780,000 |
Defined benefit obligation at January 1, 2020 | 1,800,000 |
Interest/discount rate on the DBO and plan assets | 9% |
Instructions
1)Compute the balances of DBO and Plan assets at the end of December 31, 2020
2)Prepare all the necessary entries
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