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Problem 20-02 Matlock Company adapts acceptable accounting for its defined benefit acnsion plan on January 1, 2019, with the following beginning balances: plan assets $201,400;
Problem 20-02 Matlock Company adapts acceptable accounting for its defined benefit acnsion plan on January 1, 2019, with the following beginning balances: plan assets $201,400; projected benefit obligation $251.000. Other data relating to 3 years' oacration at the plan are as follows. 2019 $15.600 10% 16.200 15,600 13.500 2020 $19,300 10% 22.200 40,100 16,300 162,000 54,000 2021 526,500 10% 24,400 48,000 21,300 Annual service cast Settlement rate and expected rate or return Actual return on plan assets Annual funding contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021 projected benefit obligation of: 41,600 523,800 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) METLOCK COMPANY Pension Worksheet-2019, 2020, 2021 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Annual Pension Pension Asset/ Liability Memo Record Projected Benefit Obligation Balance, lan 1, 2019 Service cast Interest cost Actual return Unexpected loss Contributions Benefits Journal entry for 2019 Accumulated OCI, Dec. 31, 2018 Balance, Dec 31, 2019 QO00. 00000000001 UUU "OCCCCCCCCCCCCCC Additional PSC, 1/1/2020 Belence, Jan 1, 2020 Service cost Interest cost Actual retum Amortization of PSC Contributions Q.... OOO JUUU UUUUUUUUUUU JUUU UUUUUUUUUUU Benefits Joumal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 . Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 JUU Service cast Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Liability gain Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 UUUU JUUUUU UUUUUUUUUUU ............... 0.000000000000 Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no ent Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Dec. 31, 2020 Dec 31, 2021 Indicate the pension-related amounts reported in the financial statements for 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -15,200 or parentheses e.g. (15,200).) Metlock Company Partial Income Statement Metlock Company Comprehensive Income Statement SXXXX Matlock Company Partial Balance Sheet Click if you would like to Show Work for this question: Open Show Work
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