The following facts apply to the pension plan of Wildhorse Inc for the year 2020 Plan assets, January 1, 2020 $563,200 Projected benefit obligation, January 1, 2020 563,200 Settlement rate 8 Service cost 40,900 Contributions (funding) 27,500 Actual and expected return on plan assets 53,600 Benefits paid to retirees 33,100 Using the preceding data, compute pension expense for the year 2020 As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year end balances in the related pension accounts WILDHORSE INC Pension Worksheet2020 General Journal Entries Memo Record Items Annual Pension Expense Cash Pension Asset Liability Projected Benefit Obligation Plan Assets Balance, January 1, 2020 $enter a net debit or credit balance select between debit and creditDr Cr Dr Cr $enter a net debit or credit balance select between debit and creditDr Cr Dr Cr $enter a net debit or credit balance select between debit and creditDr Cr Dr Cr $enter a net debit or credit balance select between debit and creditDr Cr Dr Cr $enter a net debit or credit balance select between debit and creditDr Cr Dr Cr Service cost enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr Interest cost enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr Actual return enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr Contributions enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr Benefits enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr enter a dollar amount select between debit and creditDr Cr Dr Cr Journal entry, December 31 $enter a net debit or credit amount select between debit and creditDr Cr Dr Cr $enter a net debit or credit amount select between debit and creditDr Cr Dr Cr enter a net debit or credit amount select between debit and creditDr Cr Dr Cr enter a net debit or credit amount select between debit and creditDr Cr Dr Cr enter a net debit or credit amount select between debit and creditDr Cr Dr Cr Balance, December 31, 2020 $enter a net debit or credit balance select between debit and creditDr Cr Dr Cr $enter a net debit or credit balance

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 15, 2024

The following facts apply to the pension plan of Wildhorse Inc. for the year 2020. Plan assets, January 1, 2020 $563,200 Projected benefit obligation, January

The following facts apply to the pension plan of Wildhorse Inc. for the year 2020.

Plan assets, January 1, 2020	$563,200
Projected benefit obligation, January 1, 2020	563,200
Settlement rate	8	%
Service cost	40,900
Contributions (funding)	27,500
Actual and expected return on plan assets	53,600
Benefits paid to retirees	33,100

Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts

WILDHORSE INC. Pension Worksheet2020
	General Journal Entries						Memo Record
Items	Annual Pension Expense		Cash		Pension Asset/ Liability		Projected Benefit Obligation		Plan Assets
Balance, January 1, 2020	$enter a net debit or credit balance	select between debit and creditDr.Cr. Dr.Cr.	$enter a net debit or credit balance	select between debit and creditDr.Cr. Dr.Cr.	$enter a net debit or credit balance	select between debit and creditDr.Cr. Dr.Cr.	$enter a net debit or credit balance	select between debit and creditDr.Cr. Dr.Cr.	$enter a net debit or credit balance	select between debit and creditDr.Cr. Dr.Cr.
Service cost	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.
Interest cost	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.
Actual return	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.
Contributions	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.
Benefits	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.	enter a dollar amount	select between debit and creditDr.Cr. Dr.Cr.
Journal entry, December 31	$enter a net debit or credit amount	select between debit and creditDr.Cr. Dr.Cr.	$enter a net debit or credit amount	select between debit and creditDr.Cr. Dr.Cr.	enter a net debit or credit amount	select between debit and creditDr.Cr. Dr.Cr.	enter a net debit or credit amount	select between debit and creditDr.Cr. Dr.Cr.	enter a net debit or credit amount	select between debit and creditDr.Cr. Dr.Cr.
Balance, December 31, 2020					$enter a net debit or credit balance	select between debit and creditDr.Cr. Dr.Cr.	$enter a net debit or credit balance