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Larkspur Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation Fair value of plan assets $4,619,000 4,619,000 The

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Larkspur Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation Fair value of plan assets $4,619,000 4,619,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $595,000 are created. Other data related to the pension plan are: Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 2020 $ 151,000 0 201,000 220,000 253,000 6 % 2021 $169,000 89,000 186,000 283,000 347,000 8 % (a) Prepare a pension worksheet for the pension plan in 2020. (Enter all amounts as positive.) LARKSPUR COMPANY Pension Worksheet-2020 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Loss Memo Record Annual Pension Expense Pension Asset/ Liability Projected Benefit Obligation Plan Assets Items Cash Balance, Jan. 1, 2020 $ $ Service cost Interest cost Actual return Unexpected loss Contributions I> Benefits Journal entry for 2020 $ Accumulated OCI Dec. 31, 2019 Balance, Dec. 31, 2020 Click if you would like to Show Work for this question: Open Show Work (b) The parts of this question must be completed in order. This part will be available when you complete the part above

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