Larkspur Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020.
Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.)
Larkspur Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020. Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) LARKSPUR COMPANY Worksheet-2020 General Journal Entries OCI-Prior Service Cost Annual Pension Expense OCI- Gain/ Loss Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets Items Cash Balance, Jan. 1, 2020 $122,400 $331,500 $209,100 Dr. Service cost $ 20,400 Interest cost 26,520 Actual return V 18,360 Dr. Unexpected loss 2,550 v Amortization of PSC $35,700 Contributions $41,820 41,820 Dr. Benefits 15,300 V 15,300 Cr. Increase in PBO 44,370 Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 81,600 0 Balance, Dec. 31, 2020 $45,900 $46,920 $153,510 Cr. $407,490 Cr. $253,980 Dr. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the journal entry to record 2020 pension expense for Larkspur Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do ni indent manually.) Debit Credit Date Account Titles and Explanation 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Determine the following for Larkspur for 2020: (1) settlement rate used to measure the interest on the liability and (2) expected return on plan assets. (Round answers to o decimal places, e.g. 15%) (1) Settlement Rate (2) Expected return on assets Click if you would like to Show Work for this question: Open Show Work Larkspur Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020. Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) LARKSPUR COMPANY Worksheet-2020 General Journal Entries OCI-Prior Service Cost Annual Pension Expense OCI- Gain/ Loss Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets Items Cash Balance, Jan. 1, 2020 $122,400 $331,500 $209,100 Dr. Service cost $ 20,400 Interest cost 26,520 Actual return V 18,360 Dr. Unexpected loss 2,550 v Amortization of PSC $35,700 Contributions $41,820 41,820 Dr. Benefits 15,300 V 15,300 Cr. Increase in PBO 44,370 Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 81,600 0 Balance, Dec. 31, 2020 $45,900 $46,920 $153,510 Cr. $407,490 Cr. $253,980 Dr. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the journal entry to record 2020 pension expense for Larkspur Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do ni indent manually.) Debit Credit Date Account Titles and Explanation 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Determine the following for Larkspur for 2020: (1) settlement rate used to measure the interest on the liability and (2) expected return on plan assets. (Round answers to o decimal places, e.g. 15%) (1) Settlement Rate (2) Expected return on assets Click if you would like to Show Work for this question: Open Show Work
