Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following defined pension data of Ayayai Corp. apply to the year 2020. $568,000 Projected benefit obligation, 1/1/20 (before amendment) Plan assets, 1/1/20 553,400 14,600
The following defined pension data of Ayayai Corp. apply to the year 2020. $568,000 Projected benefit obligation, 1/1/20 (before amendment) Plan assets, 1/1/20 553,400 14,600 130,000 10 % Pension liability On January 1, 2020, Ayayai Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2020 58,500 64,300 47,100 36,300 17,400 For 2020, prepare a pension worksheet for Ayayai Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Annual Pension Expense Items Cash - $ > $ Balance, Dec 31, 2019 Prior service cost Balance, Jan. 1, 2020 Service cost > Interest cost Actual return Contributions > $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started