Question 6 --/10 View Policies Current Attempt in Progress Marin Corporation is a privately owned company that uses ASPE. On January 1, 2020 Marin's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $1,350,000 1.490.000 Marin Corporation's actuary provided the following information on December 31, 2020: Current year service cost Prior service cost, granted Jan 1, 2020 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets Discount rate $87.000 186.000 90,000 31.000 Prepare a pension worksheet for Marin Corporation for 2020. General Journal Entries Memo Record Annual Pension Expense Net Defined Liability/ Asset Cash Defined Benefit Obligation Plan Assets Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry-2020 Net Funding Entry Balance, December 31, 2020 e Textbook and Media List of Accounts Prepare pension plan journal entries for Marin Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry"for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) e Textbook and Media List of Accounts What is the funded status for Marin Corporation at December 31, 2020? Marin's pension plan is by $ on December 31, 2020. e Textbook and Media List of Accounts Question 6 --/10 View Policies Current Attempt in Progress Marin Corporation is a privately owned company that uses ASPE. On January 1, 2020 Marin's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $1,350,000 1.490.000 Marin Corporation's actuary provided the following information on December 31, 2020: Current year service cost Prior service cost, granted Jan 1, 2020 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets Discount rate $87.000 186.000 90,000 31.000 Prepare a pension worksheet for Marin Corporation for 2020. General Journal Entries Memo Record Annual Pension Expense Net Defined Liability/ Asset Cash Defined Benefit Obligation Plan Assets Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry-2020 Net Funding Entry Balance, December 31, 2020 e Textbook and Media List of Accounts Prepare pension plan journal entries for Marin Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry"for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) e Textbook and Media List of Accounts What is the funded status for Marin Corporation at December 31, 2020? Marin's pension plan is by $ on December 31, 2020. e Textbook and Media List of Accounts
