Question
Problem 20-09 (Part Level Submission) Marigold Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,558,000 Fair value
Problem 20-09 (Part Level Submission) Marigold Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,558,000 Fair value of plan assets 4,558,000 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 $595,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $151,000 $172,000 Prior service cost amortization 0 90,000 Contributions (funding) to the plan 201,000 185,000 Benefits paid 219,000 280,000 Actual return on plan assets 251,000 348,000 Expected rate of return on assets 6 % 8 % Collapse question part (a) Prepare a pension worksheet for the pension plan in 2020.
Problem 20-09 (Part Level Submission) Marigold Co. hes the following cetinec benefit person plan balances on January 1, 2020. Projected benefit obligacion Fair value of plan assets $1,550,000 4,558,000 The interest fsctment) rate applicable to the plan 0%. On January 1, 2021, the company amavas its person agrocrats that prior savice costs of $5 ,000 are created. Other data related to the pension plan are: 2020 5151,000 Service cast Prior service cost amortization Contibution (undina) to the plan Benefits paid Actual return on an assets Expected rule of return on seis 201,000 219.000 251,000 $172,000 90.000 195.000 280.000 348.000 Prepare a pension warichest for the bencion plan in 2020. (Enter all amounts as positive) MARIGOLD COMPANY Pansion Worksheet-2020 General Journal Entries OCI-Prior OCI - Gain/ Service Cast Pension Asset/ Memia Record Projected Benefit Obligation Annual Pensian Items Liability . Balerce, Jan 1, 2020 Service cost Interest cost Actual return Unexpected loss 0000...... ......... ULUJULUI Benatis Journal entry for 2020 Accumulated OC: Dec. 2, 2009 Balance, Dec. 31, 2020 Click If you would like to Show Work for this question: O n Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXTStep by Step Solution
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