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Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $3,000 and $2,880 in Plan Assets and Projected Benefit Obligation, respectively.
Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $3,000 and $2,880 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $600 in service cost, made plan contributions of $126, and paid benefits to retirees for $90. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for 2020. Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement Plan Assets PBO Net Pension Asset/Liability Outflow Cash Pension Expense Balance, January 1, 2020 $ Service cost $ $ Interest cost Expected return Contributions to fund Benefit payments Balance, December 31, 2020 $ $ $ $
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