Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please complete pension sheet for 2021 using the information given 0.54/1 E Question 8 of 8 View Policies Show Attempt History Current Attempt in Progress
please complete pension sheet for 2021 using the information given 0.54/1 E Question 8 of 8 View Policies Show Attempt History Current Attempt in Progress Sandhill Co has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,576,000 Fair value of plan assets 4,576,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $595.000 are created, Other data related to the pension plan are: Service cost Prior service cost amortization Contributions tunding) to the plan Benefits pald Actual return on plan assets Expected rate of return on assets 2020 $151,000 0 198,000 222.000 254,000 6 x 2021 $170,000 89,000 185.000 280,000 349.000 8 X (a) yer/index.html?launchid=0c158a2f-b4b5- 0.54/1 Question 8 of 8 Annual Pension Expense Cash $151.000 Dr. 457,600 Dr. 254,000 C 20,560 Dr. Items Balance, Jan. 1.2020 Service cost Interest cost Actual return Unexpected loss Contributions Benefits Journal entry for 2020 Accumulated OCI Dec. 31. 2019 Balance, Dec 31, 2020 Additional PSC, 1/1/2021 $198,000 CC $334,040 Dr. $198.000 Cr. Balance, Jan 1, 2021 Service cost 170.000 Dr. Interest.cost 555.760 Dr. Actual return 349.000 Cr. Unexpected loss 35.480 Cr. Amortization of PSC 89.000 D. Contribution 185.000 Benefds Journal entry for 2021 430 280 Dr. 185.000 CP Accumulated OCI, Dec 31, 2020 Balance, Dec 31, 2021 e Textbook and Media List of Accounts ... W P Window Help + 3 NWP Assessment Player UI AL X ook x Chapter 20 HW Spring -player/index.html?launchid=0c158a21-b4b5-4710-84d5-979528775a5btt/question/7 0.54/1 UIT Question 8 of 8 SANDHILL COMPANY Pension Worksheet-2020 and 2021 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Loss Pens L $20,560 Dr. CE 20.560 Dr. $20,560 DE $ Cr 595.000 Dev 20560 35480 89.000 V 89.000 35.40 Cr. $95.000 Dr. 20560 C. $ 500.000 De 38,040 Cc e Textbook and Media List of Accounts @ -playerindex.html?launchid=0c158a2f-465-4710-6400 UN 0.5471 !!!
please complete pension sheet for 2021 using the information given
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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