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how do I do this? Cheyenne Corp. sponsors a defned benefit pension plan for its employees. On January 1, 2020, the following balances relate to
how do I do this?
Cheyenne Corp. sponsors a defned benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $ 465,800 Projected benefit obligation 604,200 Pension asset/liability 138,400 Accumulated OCI (PSC) 95,000 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $ 86,600 Settlement rate, 10% Actual return on plan assets 55.000 Amortization of prior service cost 19.300 Expected return on plan assets 52.000 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79.600 Contributions 102.800 Benefits paid retirees 88.300 Using the data above, compute pension expense for Cheyenne Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.) Items Annual Pension Expense Cash Balance, Jan. 1.2020 $ $ Service cost > Interest cost > > Actual return > > Unexpected gain > > Amortization of PSC > Liability increase Contributions > Benefits Journal entry for 2020 s Accumulated OCI. Dec. 31. 2019 Ba ance December 31, 2020 CHEYENNE CORP. Pension Worksheet General Journal Entries OCI-Prior Service Cost OCI- Gain/ Pe LOSS $ $ > > > > > > > > v > v 5 Memo Record Pension Asset/ Liability Projected Benefit Obligation Plan Assets $ $ $ > > >
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