Sweet Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021. Projected benefit obligation, January 1 Plan assets (fair value and market-related value), January 1 Pension asset/liability, January 1 Prior service cost., January 1 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 4 2020 $610,000 450,000 160,000 Cr. 390,000 70,000 8 % 8 % 60,000 80,000 90,000 58,000 147,000 462,000 2021 $97,000 8 % 8 % 55,000 129,000 107,000 62,000 565,000 0 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Vested benefit obligation at December 31 (a) Your answer is partially correct. A 70,000 8 % 8 % 60,000 80,000 90,000 58.000 147.000 462,000 Prepare a pension worksheet presenting both years 2020 and 2021. (Enter all amounts as positive.) $97,000 8 % 8 % 55,000 129,000 107,000 62,000 0 565,000 12 years 291,000 Items Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Contributions Benefits Increase in PBO Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 LA Annual Pension Expense 0 i Dr. V Dr. V Cr. Dr. Dr. Dr. Cash i Cr Cr. Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 $ 10000 Dr. V Dr. Cr. Dr. V Dr. V Dr. V Dr. Cr. Cr. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2020 Dec. 31. 2021 I Debit Credit 1000 2020 Dec. 31. 2021 I Sweet Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021. Projected benefit obligation, January 1 Plan assets (fair value and market-related value), January 1 Pension asset/liability, January 1 Prior service cost., January 1 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 4 2020 $610,000 450,000 160,000 Cr. 390,000 70,000 8 % 8 % 60,000 80,000 90,000 58,000 147,000 462,000 2021 $97,000 8 % 8 % 55,000 129,000 107,000 62,000 565,000 0 Service cost Settlement rate Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Vested benefit obligation at December 31 (a) Your answer is partially correct. A 70,000 8 % 8 % 60,000 80,000 90,000 58.000 147.000 462,000 Prepare a pension worksheet presenting both years 2020 and 2021. (Enter all amounts as positive.) $97,000 8 % 8 % 55,000 129,000 107,000 62,000 0 565,000 12 years 291,000 Items Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Contributions Benefits Increase in PBO Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 LA Annual Pension Expense 0 i Dr. V Dr. V Cr. Dr. Dr. Dr. Cash i Cr Cr. Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 $ 10000 Dr. V Dr. Cr. Dr. V Dr. V Dr. V Dr. Cr. Cr. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2020 Dec. 31. 2021 I Debit Credit 1000 2020 Dec. 31. 2021