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Sarasota Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $199,200; projected benefit
Sarasota Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $199,200; projected benefit obligation $252,000. Other data relating to 3 years' operation of the plan are as follows 2016 2017 Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/17) Amortization of prior service cost Change in actuarial assumptions establishes 201 $16,100 $19,400 $25,400 10 23,900 47,800 21,200 10% 10% 18,300 16,100 13,700 21,990 40,000 16,600 157,500 54,800 42,000 a December 31, 2018, projected benefit obligation of: 509,800 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) SARASOTA COMPANY Pension Worksheet-2016, 2017, 2018 Annual Pension Expense ocI-Prior ocI-Gain/ Asse ojected Pension Projected Plan Cash Service Cost Bene Benefit Loss Assets Liability Obligation Balan ce 2016 Servic e cost Intere st cost Actual return Unexp ected loss Contri bution Benef ts
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