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please fix all red boxes Wildhorse Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,642,000 Fair value
please fix all red boxes
Wildhorse Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,642,000 Fair value of plan assets 4,642,000 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 $602,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $150,000 $170,000 Prior service cost amortization 0 91,000 Contributions (funding) to the plan 201,000 187,000 Benefits paid 219,000 277,000 Actual return on plan assets 254,000 354,000 Expected rate of return on assets 6 % 8 % Prepare a pension worksheet for 2021. (Enter all amounts as positive.) Annual Pension Expense Items Cash Balance, Jan. 1, 2020 Service cost $150,000 Dr. Interest cost 464,200 Dr. Actual return 254,000 Cr. Unexpected loss 24,520 Dr. Contributions $201,000 Cr. Benefits Journal entry for 2020 $335,680 Dr. $ 201,000 Cr. Accumulated OCI Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 Balance, Jan. 1, 2021 Service cost 170000 Dr. Interest cost 503720 Dr. Actual return 354000 Cr. Unexpected loss 36240 Cr. Amortization of PSC 91000 Dr. Contribution 187000 Cr. Benefits Journal entry for 2021 374480 Dr. 187000 Cr. Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 Prepare a pension worksheet for 2021. (Enter all amounts as positive.) WILDHORSE COMPANY Pension Worksheet-2020 and 202 General Journal Entries OCI-Prior Service Cost OCI-( Los Cash $ $201,000 Cr. $201,000 Cr. $ 602000 Dr. 91000 Cr. 187000 Cr. $ 187000 Cr. 511000 Dr. Dr. 511000 Dr. Prepare a pension worksheet for 2021. (Enter all amounts as positive.) LDHORSE COMPANY Worksheet-2020 and 2021 OCI- Gain/ Loss Pension Asset/ Liability Projec Ob $ $24,520 Dr. 24,520 Dr. $159,200 Cr. o $24,520 Dr. $159,200 Cr. 36240 Dr. HODNOT 36240 Dr. 734720 Cr. 24520 Dr. $ 36240 Dr. 893920 Cr. Prepare a pension worksheet for 2021. (Enter all amounts as positive.) Memo Record Asset/ lity Projected Benefit Obligation Plan Assets $4,642,000 Cr. $4,642,000 Dr. 150,000 Cr. 464,200 Cr. 254,000 Dr. 201,000 Dr. 219,000 Dr. 219,000 Cr. 59,200 Cr. 59,200 Cr. 5,037,200 Cr. 4,878,000 Dr. 602000 Cr. V 5639200 Cr. 170000 Cr. 503720 Cr. 354000 Dr. V 187000 Dr. 277000 Dr. 277000 Cr. V 4720 Cr. 3920 Cr. . 6035920 Cr. $ 5142000 DrStep by Step Solution
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