Project #3

Based on Exercise 20-3

Ayayai Company provides the following information about its defined benefit pension plan for the year 2021.

Service cost		$91,200
Contribution to the plan		104,700
Prior service cost amortization		9,800
Actual and expected return on plan assets		62,800
Benefits paid		40,500
Plan assets at January 1, 2021		632,600
Projected benefit obligation at January 1, 2021		686,700
Accumulated OCI (PSC) at January 1, 2021		152,100
Interest/discount (settlement) rate		9	%

Requirements: Using Excel prepare a pension worksheet inserting January 1, 2021, balances, and then showing December 31, 2021 information. Prepare the worksheet in good form based on examples in chapter 20 and chapter 20 exercises. Prepare the journal entry to record pension expense.