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The following facts apply to the pension plan of Windsor Inc. for the year 2020. Plan assets, January 1, 2020 $ 563,200 Projected benefit obligation,
The following facts apply to the pension plan of Windsor 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. (Enter all amounts as positive.) WI Pension General Journal Entries Annual Pension Expense Items Cash Balance, January 1, 2020 $ ta $ Service cost Interest cost Actual return Contributions >
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