The following information is available for Blossom Corporation's pension plan for the 2020 fiscal year: Defined benefit obligation, 1/1/20, accounting basis, before plan amendment Fair value of plan assets, 1/1/20 Current service cost Discount rate Actual return on plan assets Contributions (funding) Benefits paid to retirees $265,000 327,000 64,100 13% 11% 79,000 42,700 On January 1, 2020, Blossom Corp. amended its pension plan, resulting in past service costs with a present value of $140,400. Blossom follows ASPE. Calculate pension expense for 2020. Pension expense $ Prepare journal entries to record the expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record pension expense.) (To record contributions to the pension fund.) Determine the balance of the net defined benefit liability/asset reported on the December 31, 2020 balance sheet. Net defined benefit December 31, 2020 $ Prepare a 2020 pension work sheet for Blossom Corporation. Blossom Corporation Pension Work Sheet - 2020 General Journal Entries Annual Pension Expense Items Cash $ $ Balance, Jan. 1, 2020 (a) Past service cost (b) Current service cost (c) Net interest/finance cost (d) Asset remeasurement loss (e) Contributions (f) Benefits paid Expense entry - 2020 $ Contribution entry - 2020 Balance, Dec. 31, 2020 Identify the December 31, 2020 plan surplus or deficit and compare it with the asset or liability reported on the December 31, 2020 balance sheet. Plan $ V reported $ The following information is available for Blossom Corporation's pension plan for the 2020 fiscal year: Defined benefit obligation, 1/1/20, accounting basis, before plan amendment Fair value of plan assets, 1/1/20 Current service cost Discount rate Actual return on plan assets Contributions (funding) Benefits paid to retirees $265,000 327,000 64,100 13% 11% 79,000 42,700 On January 1, 2020, Blossom Corp. amended its pension plan, resulting in past service costs with a present value of $140,400. Blossom follows ASPE. Calculate pension expense for 2020. Pension expense $ Prepare journal entries to record the expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record pension expense.) (To record contributions to the pension fund.) Determine the balance of the net defined benefit liability/asset reported on the December 31, 2020 balance sheet. Net defined benefit December 31, 2020 $ Prepare a 2020 pension work sheet for Blossom Corporation. Blossom Corporation Pension Work Sheet - 2020 General Journal Entries Annual Pension Expense Items Cash $ $ Balance, Jan. 1, 2020 (a) Past service cost (b) Current service cost (c) Net interest/finance cost (d) Asset remeasurement loss (e) Contributions (f) Benefits paid Expense entry - 2020 $ Contribution entry - 2020 Balance, Dec. 31, 2020 Identify the December 31, 2020 plan surplus or deficit and compare it with the asset or liability reported on the December 31, 2020 balance sheet. Plan $ V reported $
