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On January 1, 2020, Grouper Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,485,000 4,240,000 The
On January 1, 2020, Grouper Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,485,000 4,240,000 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 $494,000 are created. Other data related to the pension plan are as follows: 2020 2021 $177.000 Service cost 5148,000 0 90,000 Prior service cost amortization Contributions (funding to the plan Benefits paid 244,000 288,000 200,000 275,000 Actual return on plan assets 254.400 260.000 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.) For 2021, prepare the journal entry to record pension-related amounts. (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:) Account Titles and Explanation Debit Credit 1
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