Xyz Company provides the following information about its defined benefit pension plan for the year 2020.

Service cost		$91,600
Contribution to the plan		104,400
Prior service cost amortization		10,800
Actual and expected return on plan assets		64,600
Benefits paid		40,300
Plan assets at January 1, 2020		650,000
Projected benefit obligation at January 1, 2020		692,000
Accumulated OCI (PSC) at January 1, 2020		150,000
Interest/discount (settlement) rate		11	%

1. Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)

Xyz COMPANY Pension Worksheet2020.

General Journal Entries

Memo Record

Items

Annual Pension Expense

Cash

OCI Prior Service Cost

Pension Asset/ Liability

Projected Benefit Obligation

Plan Assets

Balance, January 1, 2020

Service cost

Interest cost

Actual return

Amortization of PSC

Contributions

Benefits

Journal entry for 2020

Accumulated OCI, Dec. 31, 2019

Balance, Dec. 31, 2020

B) Prepare the journal entry recording pension expense.