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NEED HELP WITH THIS TABLE PLEASE Sage Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of
NEED HELP WITH THIS TABLE PLEASE
Sage 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. 2020 2021 $602,100 407,300 194,800 Cr. 161,200 39,700 10 % $59,400 10 % 10 % Projected benefit obligation, January 1 Plan assets (fair value and market-related value), January 1 Pension asset/liability, January 1 Prior service cost, January 1 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Vested benefit obligation at December 31 36,300 70,400 98,000 31,400 87,300 726,200 10 % 60,400 50,000 80,900 52,910 0 796,900 20 years 459,600 Prepare a pension worksheet presenting both years 2020 and 2021. (Round answers to O decimal places, e.g. 5,125. Enter all amounts as positive.) Annual Pension Expense Items Cash Balance, Jan. 1, 2020 $ Service cost Interest cost Actual return Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Service cost Interest cost Actual return Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service costStep by Step Solution
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