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Please explain all steps!! Preparing Pension Journal Entries and Pension Worksheet Information for the Jenkins Company defined benefit pension plan follows. Jenkins uses the straight-line
Please explain all steps!!
Preparing Pension Journal Entries and Pension Worksheet Information for the Jenkins Company defined benefit pension plan follows. Jenkins uses the straight-line method to amortize prior service cost and corridor amortization for gains and losses. Account Balances Projected Benefit Obligation Plan Assets Jan. 1, 2020 $1,540,000 Cr. 1,100,000 Dr. 352,000 Cr. 264,000 Dr. Accumulated OCI-Pension Gain/Loss Accumulated OCI-Prior Service Cost Activity Service cost, 2020 Actuarial loss determined Dec. 31, 2020 Actual return on plan assets, 2020 Funding, 2020 Benefits paid, 2020 $132,000 88,000 121,000 193,600 0 Other Discount rate 8% Expected rate of return on plan assets 10% Average remaining service period of active plan participants 10 years a. Prepare the December 31, 2019, presentation of funded status. Note: Use a negative sign for a net pension liability Net pension asset (liability), Dec. 31, 2019 $ b. Prepare the entries to record 2020 pension expense, gain and loss deferral (if any), contributions, and benefits. b. Prepare the entries to record 2020 pension expense, gain and loss deferral (if any), contributions, and benefits. . Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Date Account Name Dr. Cr. Dec. 31, 2020 0 0 0 0 A 0 0 0 0 0 0 To record pension expense Dec. 31, 2020 0 0 0 0 To record deferral of unexpected gain/loss on plan assets Dec. 31, 2020 0 0 0 0 To record deferral of actuarial gain/loss on PBO Dec. 31, 2020 - 0 0 0 0 To record plans funding c. Prepare the December 31, 2020, presentation of funded status. Note: Use a negative sign for a net pension liability Net pension asset (liability), Dec. 31, 2020 $ 0 d. Determine whether amortization of net unrecognized gain or loss is required for 2021. Note: Round your answers to the nearest whole dollar. Amortization of OCIPension Gain/Loss, 2021 $ 0 CheckStep by Step Solution
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