The following information pertains to IBN's defined pension plan for 2020: Projected benefit obligation, 1/1/20 $5,800,000 Plan assets, 1/1/20 5,220,000 Settlement rate (discount rate) 5.5% Service cost, December 31, 2020 1,044,000 Plan amendment for prior service cost, December 31, 2020 1.160,000 Actuarial (gain) or loss, December 31, 2020 290,000 Employer Pension Contributions, December 31, 2020 870,000 Expected rate of return on plan assets Actual return on plan assets, December 31, 2020 208.800 Benefits paid to retirees, December 31, 2020 696,000 AOCI-Prior Service Cost, 1/1, 2020 678,600 AOCI-Actuarial (Gain)/Loss, 1/1, 2020 406,000 Prior service cost amortization for 2020 192.000 Average remaining service years of employees 10 9% (a) What is the amount of pension expense for IBN in 2020? (10 points, show your work) (b) What is the ending balance of plan assets for IBN on December 31, 2020? (6 points, show your work) (c) What is the ending balance of Projected Benefit Obligation for IBN on December 31, 2020? (8 points, show your work) (d) What is the ending balance of AOCI-Prior Service Cost for IBN on December 31, 2020? (4 points, show your work) (e) What is the ending balance of AOCI-Actuarial Gain/Loss for IBN on December 31, 20120? (6 points, show your work) (f) Write out the single journal to record pension expense for 2020 (6 points) The following information pertains to IBN's defined pension plan for 2020: Projected benefit obligation, 1/1/20 $5,800,000 Plan assets, 1/1/20 5,220,000 Settlement rate (discount rate) 5.5% Service cost, December 31, 2020 1,044,000 Plan amendment for prior service cost, December 31, 2020 1.160,000 Actuarial (gain) or loss, December 31, 2020 290,000 Employer Pension Contributions, December 31, 2020 870,000 Expected rate of return on plan assets Actual return on plan assets, December 31, 2020 208.800 Benefits paid to retirees, December 31, 2020 696,000 AOCI-Prior Service Cost, 1/1, 2020 678,600 AOCI-Actuarial (Gain)/Loss, 1/1, 2020 406,000 Prior service cost amortization for 2020 192.000 Average remaining service years of employees 10 9% (a) What is the amount of pension expense for IBN in 2020? (10 points, show your work) (b) What is the ending balance of plan assets for IBN on December 31, 2020? (6 points, show your work) (c) What is the ending balance of Projected Benefit Obligation for IBN on December 31, 2020? (8 points, show your work) (d) What is the ending balance of AOCI-Prior Service Cost for IBN on December 31, 2020? (4 points, show your work) (e) What is the ending balance of AOCI-Actuarial Gain/Loss for IBN on December 31, 20120? (6 points, show your work) (f) Write out the single journal to record pension expense for 2020 (6 points)
