Determining Funded Status, Recording Pension Expense, Preparing Worksheet Rico Corporation initiated a defined benefit pension plan on January 1, 2020. The plan does not provide any retroactive benefits for existing employees. The pension funding payment is made to the trustee on December 31 of each year. The following information is available for 2020 and 2021. Service cost Funding payment contribution Interest on projected benefit obligation Actual and expected return on plan assets 2020 2021 $150,000 $165,000 170,000 185.000 Financial Statement Presentation and Entries 15,000 1,000 Pension Worksheet a. In its December 31, 2020, balance sheet, Rico should report what amount of net pension asset/liability? Balance Sheet December 31, 2020 Noncurrent assets Net pension assets Noncurrent aces b. in its December 31, 2021, balance sheet, Rico should report what amount of net pension asset/liability? December 31, 2021 Nuncurrent assets Net person asset Nonament c. Prepare the journal entries to record pension expense and plan funding for 2021 Note: List multiple debits twhen applicable) in alphabetical onder and ust multiple credits when applicable) in alphabetical order Date Account Name Dec 31, 2021 Pexp Has Ases 185000 Determining Funded Status, Recording Pension Expense, Preparing Worksheet Rico Corporation initiated a defined benefit pension plan on January 1, 2020. The plan does not provide any retroactive benefits for existing employees. The pension funding F December 31 of each year. The following information is available for 2020 and 2021. 2021 2020 $150,000 $165,000 Service cost Funding payment (contribution) Interest on projected benefit obligation Actual and expected return on plan assets 170,000 185,000 Financial Statement Presentation and Entries 15,000 18,000 Pension Worksheet d. Create a worksheet to summarize the pension data at the end of 2021. Reported Net in Financial Statements Balance Sheet Reported on Reported in Plan Assets PBO Net Pension Asset/Liability Cash Outflow Income Statement Pension Expense Balance, January 1, 2021 05 05 Service cost 0 0 05 01 0 Interest cost 0 0 Expected return on plan assets 0 0 0 0 0 Contributions to fund 0 0 0 Balance, December 31, 2021 05 01 Previous Save Answers