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Show calculations The accountant for Oriole Corporation has developed the following information for the company's defined-benefit pension plan for 2021: Service cost $525,000 $ Actual
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The accountant for Oriole Corporation has developed the following information for the company's defined-benefit pension plan for 2021: Service cost $525,000 $ Actual return on plan assets 260,000 Annual contribution to the plan 930,000 Amortization of prior service cost 126,000 Benefits paid to retirees 65,000 Settlement rate 10% Expected rate of return on plan assets 3% The accumulated benefit obligation at December 31, 2021, amounted to $3,300,000. Using the above information for Oriole Corporation, complete the pension work sheet for 2021. (Do not leave any answer field blank. Enter o for amounts.) Corporation Pension Work Sheet-2021 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Loss Memo Entries Annual Pension Expense Pension Asset/ Liability Projected Benefit Obligation Plan Assets Cash Balance, Dec. 31, 2020 V 630,000 V 4,050,000 2,775,000 VStep by Step Solution
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