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Problem 19-7 Carla Vista Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021:
Problem 19-7 Carla Vista Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021: Plan assets (fair value), December 31 Defined benefit obligation, January 1 Net defined benefit liability (asset), January 1 Current service cost Current Actual return on plan assets Funding of current service cost Funding of past service costs Benefits paid Interest/discount rate 2020 2021 $518,300 $649,000 610,000 703,000 240,500 ? 62,000 86,000 24,700 50,100 62,000 86,000 86,000 62,000 ? ? 9% The pension fund paid out benefits in each year. There were no actuarial gains or losses incurred on the DBO in the two-year period. Prepare the complete pension work sheets for Carla Vista for 2020 and 2021 Carla Vista Corporation Pension Work Sheet-2020 and 2021 General Journal Entries Net. Def. Cash Benefit Liab/Asset Items Annual Pension Expense Defined Benefit Obligation Plan Assets Balance, Jan. 1, 2020 -240500 (crv -610000 369500 Dr. (a) Service cost 62000 -62000 Cr. -62000 CE (b) Net interest/finance cost 54900 -54900 Tcr, v -54900 Cr. X c) Asset remeasurement loss x - 24700 Cr. 24700 Dr. 24700 Dr. DOOD (d) Company contributions -148000 148000 Dr. - 148000 (e) Benefits paid Expense entry, 12/31/20 Contribution entry, 2020 ( c d e O O O O O O O O O T I DON Balance, Dec. 31, 2020, Jan 1, 2021 digaigiiiiiiiiii (f) Service cost 860001 Dr. ST -86000 illaadalillisai (o) Net interest/finance cost 63270 Dr -63270 (h) Asset remeasurement gain -50100 50100 Dr. (i) Company contributions ! () Benefits paid Expense entry, 12/31/21 OCCO Contribution entry, 2021 Balance, Dec 31, 2021
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