1. Pension worksheets for the Simpson Company for years ended December 31, 2020 and 2021. 2. Journal entries to record the pension expense for both years. 3. A reconciliation schedule for both years. Assumptions for 2011:     Plan assets, January 1, 2020 $      450,000   Projected benefit obligation, January 1, 2020           450,000   Annual service cost for 2020             27,000   Settlement rate for 2020 7%   Actual return on plan assets for 2020             30,000   Contributions for 2020             32,000   Benefits paid to retirees during 2020             17,000   Pension Asset/Liability, January 1, 2020                      -         Assumptions for 2012:     Present value of prior years service cost benefits     granted January 1, 2021 $         42,000   Annual service cost for 2021             28,000   Settlement rate for 2021 7%   Actual return on plan assets for 2021             31,000   Contributions for 2021             29,000   Benefits paid to retirees during 2021             24,000   Amortization of prior years service costs             17,500

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.