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The following defined pension data of Sunland Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $582,000 Plan assets, 1/1/20 566,900 Pension
The following defined pension data of Sunland Corp. apply to the year 2020.
Projected benefit obligation, 1/1/20 (before amendment) | $582,000 | ||
Plan assets, 1/1/20 | 566,900 | ||
Pension liability | 15,100 | ||
On January 1, 2020, Sunland Corp., through plan amendment, grants prior service benefits having a present value of | 130,000 | ||
Settlement rate | 9 | % | |
Service cost | 59,500 | ||
Contributions (funding) | 60,400 | ||
Actual (expected) return on plan assets | 53,100 | ||
Benefits paid to retirees | 40,500 | ||
Prior service cost amortization for 2020 | 15,400 |
For 2020, prepare a pension worksheet for Sunland Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts
SUNLAND CORP Pension Worksheet-2020 General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Liability OCI-Prior Service Cost Projected Benefit Obligation Items Plan Assets Cash $ 5 $ V V $ V V Balance, Dec 31, 2019 5 $ Prior service cost Balance Jan 1, 2020 V V Service cost Interest cost V V V Actual return V V Amortization of PSC Contributions Benefits Journal entry for 2020 $ $ Accumulated OCI. Dec 31, 2019 V $ $ Balance Dec 31, 2020Step by Step Solution
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