Question
Novak Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $89,400 Contribution to the plan 105,700
Novak Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $89,400 Contribution to the plan 105,700 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,500 Benefits paid 40,200 Plan assets at January 1, 2020 640,200 Projected benefit obligation at January 1, 2020 710,100 Accumulated OCI (PSC) at January 1, 2020 152,200 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) Items Balance, January 1, 2020 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Annual Pension Expense > < > > < < $ Cash General Jour > > NOVAK COMPANY Pension Worksheet-2020. General Journal Entries OCI Prior Service Cost Pension Asset/ Liability > > > $ Pre Plan Assets sion worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) > > on Asset/ ability Projected Benefit Obligation Memo Record < SA < < > $ < > >
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