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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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