Question
On January 1, 2020, Riverbed Company has the following defined benefit pension plan balances Projected benefit obligation $ 4,484,000 Fair value of plan assets4,210,000 The
On January 1, 2020, Riverbed Company has the following defined benefit pension plan balances Projected benefit obligation $ 4,484,000 Fair value of plan assets4,210,000 The interest (settlement) rate applicable to the plan is 10%On January 12021, the company amends its pension agreement so that prior service costs of $509,000 are created Other data related to the pension plan are as follows. 20202021 Service cost $ 152,000 $182,000 Prior service cost amortization 092,000 Contributions (funding) to the plan 239,000 287,000 Benefits paid 201,000286,000 Actual return on plan assets 252,600255,000 Expected rate of return on assets6 % 8 %
Prepare a pension worksheet for the pension plan for 2020 and 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started