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Sweet Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets Projected
Sweet Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. $91,100 Service cost Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees 54,400 19,100 51,600 79,700 99,500 85,800 Using the data above, compute pension expense for Sweet Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.) SW Pensic -- General lournal Entries
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