Question
Sarasota Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 91,200 Contribution to the plan 104,700
Sarasota Company provides the following information about its defined benefit pension plan for the year 2020.
Service cost | $ 91,200 | ||
Contribution to the plan | 104,700 | ||
Prior service cost amortization | 9,800 | ||
Actual and expected return on plan assets | 62,800 | ||
Benefits paid | 40,500 | ||
Plan assets at January 1, 2020 | 632,600 | ||
Projected benefit obligation at January 1, 2020 | 686,700 | ||
Accumulated OCI (PSC) at January 1, 2020 | 152,100 | ||
Interest/discount (settlement) rate | 9 | % |
Balance, January 1, 2020 | $ enter a dollar amount | select debit or credit Dr.Cr. | $ enter a dollar amount | select debit or credit Dr.Cr. | $ enter a dollar amount | select debit or credit Dr.Cr. | $ enter a dollar amount | select debit or credit Dr.Cr. | $ enter a dollar amount | select debit or credit Dr.Cr. | $ enter a dollar amount | select debit or credit Dr.Cr. | ||||||
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Service cost | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||
Interest cost | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||
Actual return | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||
Amortization of PSC | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||
Contributions | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||
Benefits | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||
Journal entry for 2020 | $ enter a total amount | select debit or credit Dr.Cr. | $ enter a total amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||
Accumulated OCI, Dec. 31, 2019 | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | enter a dollar amount | select debit or credit Dr.Cr. | ||||||||||
Balance, Dec. 31, 2020 | $ enter a total amount | select debit or credit Dr.Cr. | $ enter a total amount | select debit or credit Dr.Cr. | $ enter a total amount | select debit or credit Dr.Cr. | $ enter a total amount | select debit or credit Dr.Cr. |
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