Horizon Inc. has a defined benefit pension plan. The following pension-related data were available for the current calendar year: $245,000 46,000 12,250 (5,500) (25,000) $ 272,750 PBO: Balance, Jan. 1 Service cost Interest cost (5% discount rate) Gain from changes in actuarial assumptions in 2021 Benefits paid to retirees Balance, Dec. 31 Plan assets: Balance, Jan.1 Actual return (expected return was $23,000) Contributions Benefits paid Balance, Dec. 31 ABO, Dec. 31 January 1, 2021, balances: Prior service cost-AOCI (amortization $4,425/yr.) Net gain-AOCI (amortization, if any, over 15 years) $ 255,000 20,000 40,000 (25,000) $ 290,000 $ 250,500 4,425 44,250 There were no other relevant data. Required: 1. Calculate the 2021 pension expense. 2. Prepare the 2021 journal entries to record pension expense and funding. 3. Prepare any journal entries to record any 2021 gains or losses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the 2021 pension expense. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the 2021 journal entries to record pension expense and funding. (If no entry is required for a journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the pension expense for the year. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the 2021 journal entries to record pension expense and funding. (If no entry is required for a journal entry required" in the first account field.) View transaction list Journal entry worksheet Required 1 Required 2 Required 3 Prepare any journal entries to record any 2021 gains or losses. (If no entry is required for a transactio required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the gain or loss on plan assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare any journal entries to record any 2021 gains or losses. (If no entry is required for a transactio required" in the first account field.) View transaction list Journal entry worksheet
