*Problem 20-10 Sage Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020. Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) SAGE COMPANY Worksheet-2020 General Journal Entries OCI-Prior Service Cost Annual Pension Expense OCI - Gain/ Loss Pension Asset/ Liability Memo Record Projected Benefit Obligation Items Plan Assets Cash Balance, Jan. 1, 2020 $133,200 $360,750 $227,550 Dr. Service cost 22,200 Interest cost 28,860 Actual return 19,980 Dr. 2,775 Unexpected loss Amortization of PSC $38,850 Contributions $45,510 45,510 Dr. Benefits 16,650 16,650 Cr. Increase in PBO 48,285 Journal entry for 2020 88,800 Accumulated OCI, Dec. 31, 2019 0 Balance, Dec. 31, 2020 $49,950 $51,060 $ $167,055 Cr Prepare the journal entry to record 2020 pension expense for Sage Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) $443,445 Cr. $276,390 Dr. Date Account Titles and Explanation Debit Credit 2020 Determine the following for Sage for 2020: (1) settlement rate used to measure the interest on the liability and (2) expected return on plan assets. (Round answers to O decimal places, e.g. 15%) (1) Settlement Rate 1% (2) Expected return on assets 1% *Problem 20-10 Sage Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020. Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) SAGE COMPANY Worksheet-2020 General Journal Entries OCI-Prior Service Cost Annual Pension Expense OCI - Gain/ Loss Pension Asset/ Liability Memo Record Projected Benefit Obligation Items Plan Assets Cash Balance, Jan. 1, 2020 $133,200 $360,750 $227,550 Dr. Service cost 22,200 Interest cost 28,860 Actual return 19,980 Dr. 2,775 Unexpected loss Amortization of PSC $38,850 Contributions $45,510 45,510 Dr. Benefits 16,650 16,650 Cr. Increase in PBO 48,285 Journal entry for 2020 88,800 Accumulated OCI, Dec. 31, 2019 0 Balance, Dec. 31, 2020 $49,950 $51,060 $ $167,055 Cr Prepare the journal entry to record 2020 pension expense for Sage Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) $443,445 Cr. $276,390 Dr. Date Account Titles and Explanation Debit Credit 2020 Determine the following for Sage for 2020: (1) settlement rate used to measure the interest on the liability and (2) expected return on plan assets. (Round answers to O decimal places, e.g. 15%) (1) Settlement Rate 1% (2) Expected return on assets 1%
