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Recording Pension Expense, Gains/ Losses, Funding, Benefit Payments and Preparing Worksheet Amex Company started a noncontributory defined benefit pension plan on January 1, 2019. The
Recording Pension Expense, Gains/ Losses, Funding, Benefit Payments and Preparing Worksheet Amex Company started a noncontributory defined benefit pension plan on January 1, 2019. The records of Amex Company indicate the following for the year 2020. Account Balances Jan. 1, 2020 Projected Benefit Obligation $33,000 Cr. Plan Assets 30,250 Dr. Accumulated OCIPension Gain/Loss 1,650 Cr. 2020 Activity Service cost Interest cost interest rate, 10%) Gain in PBO due to change in actuarial assumption Pension benefits paid Actual earnings on plan assets (same as expected return) Plan funding payment (contributions) $11,000 3,300 2,200 550 2,750 16,500 Financial Statement Amounts and Entries Pension Worksheet e a worksheet to summarize the pension data at the end of 2020. Reported Net in Financial Statements Reported on Balance Sheet Reported in Comprehens Accumulated OCI OC Plan Net Pension Prior Pension Cash Pension Prior Assets PBO Asset/Liability Service Cost Gain/Loss Outflow Expense Service Cost 30250 $ -33000 $ (2,750) $ 0$ 0 -11000 0 0 0 $ 0 $ 11000 $ 0 -3300 0 0 0 0 3300 0 January 1, 2020 Ost 2750 0 0 0 0 -2750 0 cost return tuarial gain on PBO ition of pension gain/loss tions to fund 0 0 0 2750 0 0 0 0 0 0 0 0 0 0 0 0 0 0 550 0 0 0 0 0 16500 -550 48,950 $ 0 0 0 0 0 0 payments December 31, 2020 0 $ -44000 -2,750 $ 0 $ 0 $ 11400 $ 0 Please answer all parts of the
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