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The accountant for Yaden Corporation has developed the following information for the company's defined benefit pension plan for 2019: Service cost Actual return on plan
The accountant for Yaden Corporation has developed the following information for the company's defined benefit pension plan for 2019: Service cost Actual return on plan assets Annual contribution to the plan Amortization of prior service cost Benefits paid to retirees Settlement rate Expected rate of return on plan assets $650,000 315,000 550,000 32,000 265,000 6% 5% Balances at January 1, 2019 were Pension Asset/Liability of $400,000 (Cr); Projected Benefit Obligation -$8,150,000 (Cr); Plan Assets - $7,750,000 (Dr): Other Comprehensive Income - Prior Service Costs - $185,000 (Dr). Required: a. Complete the pension work sheet in Excel for 2019. b. Prepare the jofirnal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2019
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