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Sage Company provides the following information about its defined benefit pension plan for the year 2020. $88,700 103.000 9,800 63,000 40,100 633,700 699,000 150,500 10
Sage Company provides the following information about its defined benefit pension plan for the year 2020. $88,700 103.000 9,800 63,000 40,100 633,700 699,000 150,500 10 % OCI Prior Service Cost Cash Pension Asset/ Liability Projected Benefit Obligation Plan Assets Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate Annual Items Pension Expense Balance, January 1, 2020 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec 31, 2019 Balance, Dec. 31, 2020 Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when 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 Sage Company provides the following information about its defined benefit pension plan for the year 2020. $88,700 103.000 9,800 63,000 40,100 633,700 699,000 150,500 10 % OCI Prior Service Cost Cash Pension Asset/ Liability Projected Benefit Obligation Plan Assets Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate Annual Items Pension Expense Balance, January 1, 2020 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec 31, 2019 Balance, Dec. 31, 2020 Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when 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
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