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Part A, B and C. Please show your calculations. Bridgeport Corporation is a privately owned company that uses ASPE. On January 1, 2020 Bridgeport's financial
Part A, B and C. Please show your calculations.
Bridgeport Corporation is a privately owned company that uses ASPE. On January 1, 2020 Bridgeport's financial records indicated the following information related to the company's defined benefit pension plan: Denned Beneht Obligation $1,390,000 angan Plan Assets 1,520,000 Bridgeport Corporation's actuary provided the following information on December 31, 2020: Current year service cost $77,000 Prior service cost, granted Jan 1, 2020 166,000 Employer contributions for the year 90,000 Benefits paid to retirees 25,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Bridgeport Corporation for 2020. General Journal Entrie Annual Pension Expense Cash Prepare a pension worksheet for Bridgeport Corporation for 2020. General Journal Entrie Annual Pension Expense Cash Balance January 1, 2020 Current Service Cost 77000 Dr. Past Service Cost 166000 Dr. Net Interest Finance Cost 6500 Cr. > Asset Remeasurement Gain/Loss > Employer Contributions to Pension Fund 15200 Cr. 90000 Benefits Paid to Retirees from Pension Fund > 90000 Net Funding Entry Balance, December 31, 2020 General Journal Entries Memo Cash Net Defined Liability/ Asset Defined Benefit Obligation > 130000 Dr. 1390000 Cr. 77000 Cr. 166000 Cr. 69500 Cr. 90000 Cr. > > 25000 Dr. 90000 Cr. 221300 Cr. 90000 Dr. 1300 Cr. 1677500 Cr. orksheet for Bridgeport Corporation for 2020. Memo Record Liability Defined Benefit Obligation Plan Assets Dr. 1390000 Cr 1520000 Dr. > > 77000 Cr. > > 166000 Cr. 69500 Cr. 76000 Dr. 25000 > Dr. 25000 Cr. V 221300 Cr. > 90000 Dr. 1677500 Cr. 1676200 Dr. Prepare pension plan journal entries for Bridgeport Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) e Textbook and Media List of Accounts What is the funded status for Bridgeport Corporation at December 31, 2020? Bridgeport's pension plan is v by $ on December 31, 2020Step by Step Solution
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