Novak 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 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 2020 $597,300 410,200 187,100 Cr. 160,000 40,300 10% 10 % 35,600 69,500 98,000 31,500 87,500 723,300 $58,500 10% 10 % 61,300 50,300 80,500 53,930 0 793,800 20 years 467,700 Prepare a pension worksheet presenting both years 2020 and 2021. (Round answers to decimal places, eg. 5,125. Enter all amounts as positive.) Annual Pension Expense Serv Items Cash Ralance lan 1 2020 . $ Prepare a pension worksheet presenting both years 2020 and 2021. (Round answers to 0 decimal places, e.g. 5,125. Enter all amounts as positive.) Annual Pension Expense Serv Items Cash Balance, Jan 1, 2020 $ + $ Service cost : Interest cost . + Actual return 4 Unexpected loss Amortization of PSC Contributions + Benefits Increase in PBO 4) Journal entry for 2020 $ # $ Accumulated OCI, Dec 31, 2019 Balance, Dec 31, 2020 Service cost Interest cost 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 40 Benefits $ $ Journal entry for 2021 Accumulated OCI, Dec 31, 2020 Balance, Dec. 31, 2021 $ Calculate the amortization of the loss (2021) using the corridor approach. Amortization of the loss $ e Textbook and Media Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Round answers to decimal places, eg. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Dec. 31, 2021 eTextbook and Media List of Accounts For 2021, indicate the pension amounts reported in the financial statements. (Round answers to O decimal places, eg. 5,125.) Novak Company Income Statement (Partial) $ $ Novak Company Comprehensive Income Statement $ xxx . $ $ XXX Meral Campus Novak Company Comprehensive Income Statement $ XXX 4 $ $ $ xxx Novak Company Partial Balance Sheet $ . $
