Sarasota Co. has the following defined benefit pension plan balances on January 1, 2020.

Projected benefit obligation		$4,563,000
Fair value of plan assets		4,563,000

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 $595,000 are created. Other data related to the pension plan are:

		2020			2021
Service cost		$150,000			$170,000
Prior service cost amortization		0			91,000
Contributions (funding) to the plan		200,000			185,000
Benefits paid		218,000			279,000
Actual return on plan assets		255,000			353,000
Expected rate of return on assets		6	%		8	%

Prepare a pension worksheet for 2021. (Enter all amounts as positive.)

SARASOTA COMPANY Pension Worksheet2020 and 2021

General Journal Entries

Memo Record

Items

Annual Pension Expense

Cash

OCIPrior Service Cost

OCI Gain/ Loss

Pension Asset/ Liability

Projected Benefit Obligation

Plan Assets

Balance, Jan. 1, 2020

Could not fit full pension worksheet

Current Attempt in Progress Sarasota Co. has the following defined benefit pension plan balances on January 1, 2020 Projected benefit obligation Fair value of plan assets $4,563,000 4,563,000 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 $595,000 are created. Other data related to the pension plan are: Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 2020 $150,000 0 200,000 218.000 255,000 2021 $170,000 91.000 185,000 279,000 353,000 8 % 6 % Items Annual Pension Expense Cash Balance, Jan. 1. 2020 $ $ Service cost 150000 Dr. Interest cost 456300 Dr. Actual return 255,000 Cr V Unexpected loss 18780 Cr. Contributions > 200,000 Benefits Journal entry for 2020 332520 Dr. 200,000 Accumulated OCI Dec 31, 2019 Balance, Dec 31, 2020 SARASUTA COMPANY Pension Worksheet-2020 General Journal Entries OCI-Prior Service Cost OCI-Gain/ LOSS Pension Asset/ Liability 200,000 Benefits Journal entry for 2020 332520 Dr. 200,000 Accumulated OCI Dec 31, 2019 Balance, Dec 31, 2020 SARASUTA COMPANY Pension Worksheet-2020 General Journal Entries OCI-Prior Service Cost OCI-Gain/ LOSS Pension Asset/ Liability