Problem 20-02 (Part Level Submission) Sweet Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197,100; projected benefit obligation $248,000. Other data relating to 3 years operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $18,600 $26,000 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,000 21,710 24,300 Annual funding (contributions) 16,000 39,700 48,600 Benefits paid 14,000 16,700 20,700 Prior service cost (plan amended, 1/1/20) 162,400 Amortization of prior service cost 54,000 42,500 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 513,700 Collapse question part (a) Prepare a pension worksheet presenting all 3 years pension balances and activities. (Enter all amounts as positive.)
Problem 20-02 (Part Level Submission) Sweet Company adopts acceptable accounting for its defined benefit pension plan on larvary, 2010, with the following beginning balances parasta $:07,100 procted benefit obligation $248,000. Other data re ating to 3 years'aparation of the plan are as follows. 2019 2020 Annual service coat $16.000 518,600 $26.000 Settlement rate and expected rate of return 10% 10% 10% Actual rezurn on par sact: 18.000 21.710 24.300 Annual fuxir (urb ) Benefits pald 14.000 26.700 20,700 Prior service og plan arded, 1/1/20) Amortion of pricr Pervice cost 51.000 12,500 Change in actuaria assumptions establishes a December 31, 2321, projected bereit obligation of 513,700 Prepares pension worksheet presenting al 3 years' person bulances and activities (Enter all amounts as positive) SWEET COMPANY Pension Worksheet-2019 2020 2021 General Hournal Entries OCI-Gain/ Annual Pension Pension Asset/ Liability Projected Benefit Obligation Balance, Jan 1, 2019 Service cost Interest cast Actual return POC Unexpected as Contribution .. Benefits .. Journal entry for 2019 ...... .. . . . . . . . . . . . Accumulated OCI, Occ. 31, 20:8 Balance, Dec. 31, 2019 . . Additional PSC, 1/1/2020 Bale , Jan 1, 2020 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits . Juuuu UUUULUL . .......... .. . .. Journal entry for 2020 nccumulated Oci, Dec 31, 20:9 Balance, Dec. 31, 2020 . . . . . . . . . . Service cost Interest cost Actual return Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Interest cost Actual return 00000000 0000 10.000.000. 00.00 Unexpected loss 6.......... 000.0 ...000 Amortization of PSC Contributions Benefits Liability gain Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 Click if you would like to Show Work for this question: Open Show Work Problem 20-02 (Part Level Submission) Sweet Company adopts acceptable accounting for its defined benefit pension plan on larvary, 2010, with the following beginning balances parasta $:07,100 procted benefit obligation $248,000. Other data re ating to 3 years'aparation of the plan are as follows. 2019 2020 Annual service coat $16.000 518,600 $26.000 Settlement rate and expected rate of return 10% 10% 10% Actual rezurn on par sact: 18.000 21.710 24.300 Annual fuxir (urb ) Benefits pald 14.000 26.700 20,700 Prior service og plan arded, 1/1/20) Amortion of pricr Pervice cost 51.000 12,500 Change in actuaria assumptions establishes a December 31, 2321, projected bereit obligation of 513,700 Prepares pension worksheet presenting al 3 years' person bulances and activities (Enter all amounts as positive) SWEET COMPANY Pension Worksheet-2019 2020 2021 General Hournal Entries OCI-Gain/ Annual Pension Pension Asset/ Liability Projected Benefit Obligation Balance, Jan 1, 2019 Service cost Interest cast Actual return POC Unexpected as Contribution .. Benefits .. Journal entry for 2019 ...... .. . . . . . . . . . . . Accumulated OCI, Occ. 31, 20:8 Balance, Dec. 31, 2019 . . Additional PSC, 1/1/2020 Bale , Jan 1, 2020 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits . Juuuu UUUULUL . .......... .. . .. Journal entry for 2020 nccumulated Oci, Dec 31, 20:9 Balance, Dec. 31, 2020 . . . . . . . . . . Service cost Interest cost Actual return Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Interest cost Actual return 00000000 0000 10.000.000. 00.00 Unexpected loss 6.......... 000.0 ...000 Amortization of PSC Contributions Benefits Liability gain Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 Click if you would like to Show Work for this question: Open Show Work
