Part 1/2

Bramble Company sponsors a defined benefit pension plan. The corporations actuary provides the following information about the plan.

		January 1, 2020		December 31, 2020
Vested benefit obligation		$1,500		$1,890
Accumulated benefit obligation		1,890		2,730
Projected benefit obligation		2,550		3,310
Plan assets (fair value)		1,770		2,620
Settlement rate and expected rate of return				10%
Pension asset/liability		780		?
Service cost for the year 2020				400
Contributions (funding in 2020)				700
Benefits paid in 2020				200

Prepare a 2020 pension worksheet.

BRAMBLE COMPANY Pension Worksheet2020

General Journal Entries

Memo Record Entries

Items

Annual Pension Expense

Cash

OCI Gain/ Loss

Pension Asset/ Liability

Projected Benefit Obligation

Plan Assets

Balance, Jan. 1, 2020

$

Service cost

Interest cost

Actual return

Unexpected gain

Contributions

Benefits

Liability increase

Journal entry for 2020

$

Accumulated OCI, Dec. 31, 2019

Balance, Dec. 31, 2020