P20.2 (LO2, 3, 4, 5) (3-Year Worksheet, Journal Entries, and Reporting) Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2018, with the following beginning balances: plan assets $200,000 and defined benefit obligation $250,000. Other data relating to 3 years' operation of the plan are shown below.

	2018	2019	2020
Annual Service Cost	16,000	19,000	26,000
Discount(Interest Rate)	10%	10%	10%
Actual Return on Plan Assets	20,000	22,000	24,000
Contributions	16,000	40,000	48,000
Benefits paid	14,000	16,400	21,000
Past Service Cost		160,000
Change in actuarial assumptions established a Dec 31, 2020, defined benefit obligation of			520,000

Instructions

a. Prepare a pension worksheet presenting all 3 years' pension balances and activities.

b. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year.

c. Indicate the pension-related amounts reported in the financial statements for 2020.