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The following information is available for the defined benefit pension plan of Wilde Company for the year 2020: Plan Assets, January 1, 2020 3,400,000 Projected
The following information is available for the defined benefit pension plan of Wilde Company for the year 2020: Plan Assets, January 1, 2020 3,400,000 Projected Benefit Obligation, January 1, 2020 3,700,000 Remaining balance in AOCI related to Prior Service Cost from a 2018 Plan Amendment, January 1, 2020 400,000 Dr. Balance in AOCI related to Other Gains/Losses, January 1, 2020 120,000 Cr. Service Cost 250,000 Settlement rate 7% Actual return on plan assets 235,000 Expected rate of return on plan assets 11% Contributions 80,000 Benefits paid 205,000 Actuarial Gain on December 30, 2020 500,000 Amortization of Prior Service Cost 50,000 Note: The average remaining service years of its employees is estimated to be 12 years in ALL periods. A1. Prepare the pension-related journal entries for the year 2020. A2. Determine the funded status of the pension as of December 31, 2020. Indicate both the funded status and the amount. A3. Calculate the minimum amount of amortization of unrealized gains/losses that will be required for the following year (2021). The following information is available for the defined benefit pension plan of Wilde Company for the year 2020: Plan Assets, January 1, 2020 3,400,000 Projected Benefit Obligation, January 1, 2020 3,700,000 Remaining balance in AOCI related to Prior Service Cost from a 2018 Plan Amendment, January 1, 2020 400,000 Dr. Balance in AOCI related to Other Gains/Losses, January 1, 2020 120,000 Cr. Service Cost 250,000 Settlement rate 7% Actual return on plan assets 235,000 Expected rate of return on plan assets 11% Contributions 80,000 Benefits paid 205,000 Actuarial Gain on December 30, 2020 500,000 Amortization of Prior Service Cost 50,000 Note: The average remaining service years of its employees is estimated to be 12 years in ALL periods. A1. Prepare the pension-related journal entries for the year 2020. A2. Determine the funded status of the pension as of December 31, 2020. Indicate both the funded status and the amount. A3. Calculate the minimum amount of amortization of unrealized gains/losses that will be required for the following year (2021)
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