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Problem 20-09 (Part Level Submission) Novak Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation Fair value of
Problem 20-09 (Part Level Submission) Novak Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation Fair value of plan assets $4,642,000 4,612,000 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 S602,000 are created. Other data related to the pension plan are: 2020 $150,000 2021 $170,000 91,000 Service cost Priar service cost amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return an assets 201,000 219,000 254,000 187,000 277,000 354,000 6% 8% (a) Prepare a pension worksheet for the pension plan in 2020. (Enter all amounts as positive.) NOVAK COMPANY Pension Worksheet-2020 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Annual Pension Expense Plan Memo Record Projected Benefit Obligation Pension Asset/ Liability Items Balance, Jan. 1, 2020 Service cost Interest cost Actual return 000000 0000100B Unexpected loss Contributions Benefits Journal entry for 2020 Accumulated OCI Dec 31, 2019 Balance, Dec. 31, 2020 000000000 0000101010 uuuuuliina 1 bolloliddi |0000000000 Click if you would like to Show Work for this question: Open Show Work
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