Problem 20-01 Intermediate Accounting :

*Problem 20-01 On January 1, 2020, Bridgeport Company has the following defined benefit pension plan balances. Projected benefit obligation $4,463,000 Fair value of plan assets 4,190,000 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 $505,000 are created. Other data related to the pension plan are as follows. 2020 2021 Service cost $148,000 $177,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 241,000 287,000 Benefits paid 200,000 285,000 Actual return on plan assets 251,400 255,000 Expected rate of return on assets 6% 8 %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 0 for the amounts.) Amount Titles and Explanation Debit Credit Prepare a pension worksheet for the pension plan for 2020 and 2021. (Enter all amounts as positive.) BRIDGEPORT COMPANY Pension Worksheet-2020 an General Journal Entries Annual Pension OCI-Prior oc Items Expense Cash Service Cost Balance, Jan. 1, 2020 to Service cost Interest cost Actual return Contributions Benefits Journal entry for 2020 tall $1 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 Balance, Jan. 1, 2021 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 $ 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 0 for the amounts.)BRIDGEPORT COMPANY on Worksheet-2020 and 2021 Memo Record OCI-Gain/ Pension Asset/ Projected Benefit Plan Loss Liability Obligation Assets $ If no entry is