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Question 1 of 1 - 125 Carla Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation Fair value
Question 1 of 1 - 125 Carla Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation Fair value of plan assets $4,632,000 4,632,000 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 $594,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $152,000 $172,000 0 89,000 Prior service cost amortization Contributions (funding) to the plan 198,000 184,000 Benefits paid 220,000 281.000 Actual return on plan assets 252.000 349,000 Actual return on plan assets Expected rate of return on assets 252,000 349,000 8 % (a) Prepare a pension worksheet for the pension plan in 2020. (Enter all amounts as positive.) Annual Pension Expense Cash Items $ $ Balance, Jan. 1. 2020 Items Annual Pension Expense Cash Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected loss 5 Contributions Benefits $ Journal entry for 2020 Contributions Benefits Journal entry for 2020 $ Accumulated OCI Dec 31, 2019 Balance, Dec. 31, 2020 List of Accounts
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