Question
The following defined pension data of Ivanhoe Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $532,000 Plan assets, 1/1/20 517,400 Pension
The following defined pension data of Ivanhoe Corp. apply to the year 2020.
Projected benefit obligation, 1/1/20 (before amendment)
$532,000
Plan assets, 1/1/20
517,400
Pension liability
14,600
On January 1, 2020, Ivanhoe Corp., through plan amendment,
grants prior service benefits having a present value of
113,000
Settlement rate
9%Service cost
53,700
Contributions (funding)
60,500
Actual (expected) return on plan assets
49,400
Benefits paid to retirees
38,200
Prior service cost amortization for 2020
15,700
For 2020, fill out a pension worksheet for Ivanhoe Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. After entering the correct amount choose if it is a debit or a credit.(Enter all amounts as positive.)
IVANHOE CORP.
Pension Worksheet2020
General Journal Entries
Memo Record
Items
Annual Pension
Expense
Cash
OCI-Prior
Service Cost
Pension
Asset/
Liability
Projected Benefit
Obligation
Plan
Assets
Balance, Dec. 31, 2019
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
Prior service cost
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Balance, Jan. 1, 2020
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Service cost
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Interest cost
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Actual return
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Amortization of PSC
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Contributions
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Benefits
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Journal entry for 2020
$
Dr.Cr.
$
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Accumulated OCI, Dec. 31, 2019
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Balance, Dec. 31, 2020
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
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