Problem 20-09 (Part Level Submission) Kingbird Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,640,000 Fair value of plan assets 4,640,000 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 $603,000 are created. Other data related to the pension plan are: 2020 $151.000 2021 $170,000 90,000 D Service cost Prior service cost amortization Contributions (funding) to the plan Benefits pald Actual retum on 202,000 222,000 187,000 278,000 251,000 348,000 plan assets Expected rate of return on assets 6% 8 % (a) Your answer is partially correct. Try again. Prepare a pension worksheet for the pension plan in 2020. (Enter all amounts as positive.) KINGBIRD COMPANY Pension Worksheet-2020 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Loss Annual Pension Expense Cash Pension Asset/ Liability Items Balance, Jan. 1, 2020 Memo Record Projected Benefit Obligation 4640000|Cr. Plan Assets 4640000 Dr. Service cost 151000 Dr. Interest cost 464000 Dr. 1: Actual return -464000 Cl. 464000|Cr. OOQOOOO 464000 Dr. Unexpected loss EUROUDOUILD DOUDOU]@00 Contributions O DO ODOBBQI 202000|Cr. 202000 Dr. 1: Benefits 222000D 222000 Cr. Journal entry for 2020 151000 Dr. 202000|| Cr. 603000 Dr. 213000 Dr. 765000 Dr. Accumulated OCI Dec 31, 2019 Balance, Dec. 31, 2020 603000 Dr. 213000 Dr.) 765000 Dr. 5033000 Cr. 5084000 Dr