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Instruction #c not required. P20.8B LO 1,2,3,4,5) (Comprehensive 2-Year Worksheet) Ficus Company sponsors a defined benefit pension plan for its employees. The following data relate

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Instruction #c not required. image text in transcribed
P20.8B LO 1,2,3,4,5) (Comprehensive 2-Year Worksheet) Ficus Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021: 2021 Projected benefit obligation, January 1 Plan assets (fair value and market-related value). January 1 Pension asset/liability, January 1 Prior service cont, January 1 Service cost Settlement rate Expected rate of retum Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Yested benefit obligation at December 31 2020 $600,000 400,000 160,000 C 400,000 72.000 10% 10% 66,000 80,000 87.000 39.000 $95.000 10% 10% 64,000 125,000 100.000 63,000 143.000 450.800 0 517,000 10 year 22.000 Instructions (a) Prepare a pension worksheet presenting both year 2020 and 2021 and accompanying computations and amortization of the loss (2021) using the corridor approach. (b) Prepare the journal entries from the worksheet) to reflect all pension plan transactions and events at Damer 32 each year 292,000 nstructions ta) Prepare a pension worksheet presenting both years 2020 and 2021 and accompanying computations and amortization of the loss (2021) using the corridor approach. (b) Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. Fer 2021, indicate the pension amounts reported in the financial statements

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