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Problem 20-14 (Part Level Submission) Oriole Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated postretirement benefit obligation $2,258,000 Fair value

image text in transcribedProblem 20-14 (Part Level Submission) Oriole Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated postretirement benefit obligation $2,258,000 Fair value of plan assets 2,258,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends the plan so that prior service costs of $175,000 are created. Other data related to the plan are: 2020 2021 Service costs $75,000 $84,000 Prior service costs amortization 0 12,000 Contributions (funding) to the plan 45,000 35,000 Benefits paid 41,000 45,000 Actual return on plan assets 139,000 121,000 Expected rate of return on assets 8 % 6 %

Problem 20-14 (Part Level Submission) Oriole Co. has the following postretirement benefit plan balances on January 1, 2020 Accumulated postretirement benefit obligation Fair value of plan assets $2,258,000 2,258,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends the plan so that prior service costs of $175,000 are created. Other data related to the plan are: 2020 $75,000 Service costs Prior service costs amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 45,000 41,000 139,000 8 % 2021 $84,000 12,000 35,000 45,000 121,000 6 % (a) Prepare a worksheet for the pastretirement plan in 2020. (Enter all amounts as positive.) Oriale Co. Postretirement Benefit Worksheet-2020 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Loss Annual Expense Cash Postretirement Liability Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected loss Contributions O .... Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 . Click if you would like to show Work for this question: Onen Show Work

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