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On January 1, 2020, Carla Company has the following defined benefit pension plan balances. Projected benefit obligation $4,488,000 Fair value of plan assets 4,230,000 The
On January 1, 2020, Carla Company has the following defined benefit pension plan balances. Projected benefit obligation $4,488,000 Fair value of plan assets 4,230,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $499,000 are created. Other data related to the pension plan are as follows. 2020 2021 $148,000 $182,000 0 88,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid 236,000 280,000 202,000 275,000 253,800 264,000 Actual return on plan assets Expected rate of return on assets 6 % 8 % Prepare a pension worksheet for the pension plan for 2020 and 2021. (Enter all amounts as positive.) Annual Pension Expense Items Cash Balance, Jan 1, 2020 Contributions $ Journal entry for 2021 $ Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 CARLA COMPANY Pension Worksheet-2020 and 2021 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Loss Pension Asset/ Liability $
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