Sheridan Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with...
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Sheridan Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $203,000; projected benefit obligation $254,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $15,700 $19,000 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,400 22,300 24,100 Annual funding (contributions) 15,700 39,400 48,100 Benefits paid 14,100 16,300 20,600 Prior service cost (plan amended, 1/1/20) 162,400 Amortization of prior service cost 55,300 42,200 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 529,400 Sheridan Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $203,000; projected benefit obligation $254,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $15,700 $19,000 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,400 22,300 24,100 Annual funding (contributions) 15,700 39,400 48,100 Benefits paid 14,100 16,300 20,600 Prior service cost (plan amended, 1/1/20) 162,400 Amortization of prior service cost 55,300 42,200 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 529,400
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