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Please prepare 2021 pension worksheet. Thank you Swifty Co. has the following defined benefit pension plan balances on January 1, 2020. The interest (settlement) rate
Please prepare 2021 pension worksheet. Thank you
Swifty Co. has the following defined benefit pension plan balances on January 1, 2020. 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: Annual Pension Benefits Journal entry for 2020 Accumulated OCI Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 Balance, Jan. 1, 2021 Service cost Interest cost Actual return OCl-PriorServiceCostLossOClGain/ Pension Asset/ Liability $18,780 Dr. 18,780 Dr. $151,300Cr $18,780 Dr. $151,300Cr $
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