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Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $5,000 and $4,800 in Plan Assets and
Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $5,000 and $4,800 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $1,000 in service cost, made plan contributions of $210, and paid benefits to retirees for $150. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for 2020. Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement Plan Net Pension Cash Pension Assets PBO Asset/Liability Outflow Expense Balance, January 1, 2020 $ 0 $ 0 $ 0 Service cost 0 0 0 $ 0 $ 0 Interest cost 0 0 0 0 0 Expected return 0 0 0 0 0 Contributions to fund 0 0 0 0 0 Benefit payments 0 0 0 0 0 Balance, December 31, 2020 $ 0 $ 0 $ 0 $ 0
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