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Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected
Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,200 $19,000 $26,200 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,200 21,990 23,900 Annual funding (contributions) 16,200 40,200 48,300 Benefits paid 13,700 16,100 20,700 Prior service cost (plan amended, 1/1/20) 161,100 Amortization of prior service cost 54,000 42,300 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 1.800 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) Annual Pension. Expense > Cash A OCI-Prior Service Cost OCI-Gain/ Pension Asset/ Loss Liability Projected Benefit Obligation Memo Record Plan Assets Balance, Jan. 1, 2019 Service cost Interest cost Actual return Unexpected loss Contributions Benefits 69 $ Annual Pension Expense Journal entry for 2019 Accumulated OCI, Dec. 31, 2018 HA < > Cash > > A Accumulated OCI, Dec. 31, 2018 Balance, Dec. 31, 2019 Additional PSC, 1/1/2020 Balance, Jan. 1, 2020 Service cost Interest cost Actual return Amortization of PSC Contributions Renents > > < > > > Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Interest cost Actual return Unexpected loss Amortization of PSC $ < < $ in > > Amortization of PSC Contributions Benefits Liability gain Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 $ > $ > > >
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