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please help what i got wrong. thank you On January 1, 2020, Bramble Company has the following defined benefit pension plan balances. Projected benefit obligation
please help what i got wrong. thank you
On January 1, 2020, Bramble Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,456,000 4.270,000 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 $490,000 are created. Other data related to the pension plan are as follows. 2020 2021 $180,000 $149,000 0 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid 89,000 245,000 289,000 203,000 283,000 Actual return on plan assets 256,200 261,000 Expected rate of return on assets 6 % 8 % cumulated OCI, Dec. 31, 2019 lance, Dec. 31, 2020 ditional PSC, 1/1/2021 lance, Jan 1, 2021 rvice cost 180.000 Dr. 4 erest cost 533760 Dr. 4 tual return 261.000 Cr. expected loss 365456 Cr .: nortization of PSC 89.000 Dr. Intributions . 289.000 Cr. nefits urnal entry for 2021 $ 176304 Dr. $ 289000 Cr. cumulated OCI, Dec 31, 2020 Memo Record Projected Benefit Obligation Plan Assets $ 4.456,000 Cr. 4 $ $ 4,270,000 Dr. 4 149000 Cr. 4 445600 Cr. i 256200 Dr. 245000 Dr. 203.000 Dr. 203.000 Cr. 4568200 Cr. 4847600 Cr. Dr. 490,000 Dr. 5337600 Cr. i 180,000 Cr. 533760 Cr. 261.000 . 289.000 283.000 Dr. 283,000 mm Cr. Dr. $ eTextbook and Media i i 10 365456 Cr. 4 89,000 Cr. 4 401000 Dr. 4 365456 Cr. 27 0 401000 Cr. $ 365456 Cr. For 2021, prepare the journal entry to record pension-related amounts. (Credit account titles are automatically indented when 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 Pension Expense 176304 Other Comprehensive Income (PSC) Other Comprehensive Income (G/L) 365456 Cash 283,000 Pension Asset/Cablity e Textbook and Media
please help what i got wrong. thank you
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