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Thank you so much Sweet Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this
Thank you so much
Sweet Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $268,100 Projected benefit obligation 343,700 Pension asset/liability 75,600 Cr. Prior service cost 88,800 OCI-Loss 38,800 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $45,000 Actual return on plan assets 26,900 Amortization of prior service cost 12,100 Contributions 66,300 Benefits paid retirees 40,600 Settlement rate 7 % Expected return on plan assets 8 % Average remaining service life of active employees 10 years Compute pension expense for Bonita Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Pension Worksheet-2021 General Journal Entries Memo Record Annual Pension OCI-Prior OCI-Gain/ Pension Asset/ Projected Benefit Plan Service Cost Liability Obligation Assets $ $ $ Expense Loss Balance, Jan. 1, 2021 , 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 Comprehensive Income Statement Bonita Corp Bonita Corp Income Statement (Partial Partial Balance Sheet $XOOXX $Xxxx Bonita Corp Comprehenshe Income Statement Bonita Corp Partial Halance Sheet SXOOOX Previous Sweet Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $268,100 Projected benefit obligation 343,700 Pension asset/liability 75,600 Cr. Prior service cost 88,800 OCI-Loss 38,800 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $45,000 Actual return on plan assets 26,900 Amortization of prior service cost 12,100 Contributions 66,300 Benefits paid retirees 40,600 Settlement rate 7 % Expected return on plan assets 8 % Average remaining service life of active employees 10 years Compute pension expense for Bonita Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Pension Worksheet-2021 General Journal Entries Memo Record Annual Pension OCI-Prior OCI-Gain/ Pension Asset/ Projected Benefit Plan Service Cost Liability Obligation Assets $ $ $ Expense Loss Balance, Jan. 1, 2021 , 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 Comprehensive Income Statement Bonita Corp Bonita Corp Income Statement (Partial Partial Balance Sheet $XOOXX $Xxxx Bonita Corp Comprehenshe Income Statement Bonita Corp Partial Halance Sheet SXOOOX PreviousStep by Step Solution
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