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Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $5,000 and $4,800 in Plan Assets and Projected Benefit Obligation, respectively.

Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $5,000 and $4,800 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $1,000 in service cost, made plan contributions of $210, and paid benefits to retirees for $150. 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 Cash Outflow Pension Expense
Balance, January 1, 2020 Answer Answer Answer
Service cost Answer Answer Answer Answer Answer
Interest cost Answer Answer Answer Answer Answer
Expected return Answer Answer Answer Answer Answer
Contributions to fund Answer Answer Answer Answer Answer
Benefit payments Answer Answer Answer Answer Answer
Balance, December 31, 2020 Answer Answer Answer Answer

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