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Marigold Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $1,727,000
Marigold Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.
Plan assets | $1,727,000 | |
Projected benefit obligation | 2,054,000 | |
Pension liability | 327,000 | |
Prior service cost | 230,000 |
As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.
Service cost for 2020 | $135,000 | |
Settlement rate, 6% | ||
Actual return on plan assets in 2020 | 108,000 | |
Amortization of prior service cost | 25,000 | |
Expected return on plan assets | 162,000 | |
Unexpected gain from change in projected benefit obligation, due to change in actuarial predictions | 203,000 | |
Contributions in 2020 | 140,000 | |
Benefits paid retirees in 2020 | 172,000 |
Using the data above, compute pension expense for Marigold for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.)
sing the data above, compute pension expense for Marigold for the year 2020 by preparing a pension worksheet. (Enter all mounts as positive.) MARIGOLD CORP. Pension Worksheet General Journal Entries Memo Record Projected Benefi Obligation Plan Assets $
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