Monty Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021. 2021 2020 Projected benefit obligation, January 1 $595,500 Plan assets (fair value and market-related value), January 1 411,600 Pension asset/liability, January 1 183,900 Cr. Prior service cost, January 1 161,400 Service cost 40,300 Settlement rate 10% Expected rate of return 10% Actual return on plan assets 35,800 Amortization of prior service cost 69,500 Annual contributions 97,300 Benefits paid retirees 31,200 Increase in projected benefit obligation due to changes in actuarial assumptions 87,100 Accumulated benefit obligation at December 31 720,200 Average service life of all employees Vested benefit obligation at December 31 $58,800 10% 10% 61,100 50,500 80,500 53,850 792,000 20 years 463,600 Prepare a pension worksheet presenting both years 2020 and 2021. (Round answers to a decimal places, e.g. 5,125. Enter all amounts as positive.) MONTY COMPANY Pension Worksheet-2020 and 2021 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Loss Annual Pension Expense Memo Record Projected Benefit Obligation Pension Asset/ Liability Cash Plan Assets Items Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Increase in PBO Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 Accumulated OcI, Dec. 31, 2020 Balance, Dec. 31, 2021 0000000000 GOODDO 0000000000 - DECORREDD 0000000000000000000000 CIC0000000000000000000 10000000 0000000000000000000000 00000000 9000000000 Calculate the amortization of the loss (2021) using the corridor approach. Amortization of the loss s Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Round answers to O decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020 Dec. 31, 2021 For 2021, indicate the pension amounts reported in the financial statements. (Round answers to o decimal places, e.g. 5,125.) Monty Company Income Statement (Partial) Monty Company Comprehensive Income Statement S XXX S XXX Monty Company Partial Balance Sheet Monty Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021. 2021 2020 Projected benefit obligation, January 1 $595,500 Plan assets (fair value and market-related value), January 1 411,600 Pension asset/liability, January 1 183,900 Cr. Prior service cost, January 1 161,400 Service cost 40,300 Settlement rate 10% Expected rate of return 10% Actual return on plan assets 35,800 Amortization of prior service cost 69,500 Annual contributions 97,300 Benefits paid retirees 31,200 Increase in projected benefit obligation due to changes in actuarial assumptions 87,100 Accumulated benefit obligation at December 31 720,200 Average service life of all employees Vested benefit obligation at December 31 $58,800 10% 10% 61,100 50,500 80,500 53,850 792,000 20 years 463,600 Prepare a pension worksheet presenting both years 2020 and 2021. (Round answers to a decimal places, e.g. 5,125. Enter all amounts as positive.) MONTY COMPANY Pension Worksheet-2020 and 2021 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Loss Annual Pension Expense Memo Record Projected Benefit Obligation Pension Asset/ Liability Cash Plan Assets Items Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Increase in PBO Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 Accumulated OcI, Dec. 31, 2020 Balance, Dec. 31, 2021 0000000000 GOODDO 0000000000 - DECORREDD 0000000000000000000000 CIC0000000000000000000 10000000 0000000000000000000000 00000000 9000000000 Calculate the amortization of the loss (2021) using the corridor approach. Amortization of the loss s Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Round answers to O decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020 Dec. 31, 2021 For 2021, indicate the pension amounts reported in the financial statements. (Round answers to o decimal places, e.g. 5,125.) Monty Company Income Statement (Partial) Monty Company Comprehensive Income Statement S XXX S XXX Monty Company Partial Balance Sheet