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Information for the Jenkins Company defined benefit pension plan follows. Jenkins uses the straight-line method to amortize prior service cost and corridor amortization for gains

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Information for the Jenkins Company defined benefit pension plan follows. Jenkins uses the straight-line method to amortize prior service cost and corridor amortization for gains and losses. Exercise 19-56 Preparing Pension Entries and Pension Worksheet LOS, Jan. 1, 2020 Account Balances Projected Benefit Obligation...... Plan Assets....... Accumulated OCH Pension Gain Loss ...... Accumulated OCEPSC ... $700,000 Cr. 500,000 Dr. Activity Service cost, 2020 .................... $ 60,000 Actuarial loss determined Dec 31, 2020... 40,000 Actual return on plan assets, 2020.. 55,000 Funding, 2020......... 88,000 Benefits paid, 2020. 160,000 Cr. 120,000 Dr. B Other Discount rate ...... Expected rate of retum on plan assets... 10% Average remaining service period of active plan participants... 10 years Required a. Prepare the December 31, 2019. presentation of funded status b. Prepare the entries to record 2020 pension expense gain and loss deferral Gif any), contributions, and benefits c. Prepare the December 31, 2020, presentation of funded status. d. Determine whether amortization of net unrecognized gain or loss is required for 2021. e. Prepare a pension worksheet for 2020

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