(a) Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) PINA CΟM PANY Pension Worksheet-2020. General Journal Entries Annual OCI Items Pension Expense Cash Prior Service Cost Balance, January 1, 2020 $4 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2020 $4 $ Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 $ Click if you would like to Show Work for this question: Open Show Work
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- Exercise 20-03 (Part Level Submission) Windsor Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2020 632,300 Projected benefit obligation at January 1, 2020 686,100 Accumulated OCI (PSC) at January 1, 2020 147,300 Interest/discount (settlement) rate 11 % A. Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020.Exercise 20-07 The following defined pension data of Teal Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $568,000 Plan assets, 1/1/20 553,400 Pension liability 14,600 On January 1, 2020, Teal Corp., through plan amendment, grants prior service benefits having a present value of 130,000 Settlement rate 10 % Service cost 58,500 Contributions (funding) 64,300 Actual (expected) return on plan assets 47,100 Benefits paid to retirees 36,300 Prior service cost amortization for 2020 17,400 For 2020, prepare a pension worksheet for Teal Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.Question 16## Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 Also please help me answer part B. (b) Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…
- Question 16 Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and…Question 16# Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 (b) Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…Exercise 20-10 Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $498,300 Projected benefit obligation 614,700 Pension asset/liability 116,400 Accumulated OCI (PSC) 96,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $92,500 Settlement rate, 9% Actual return on plan assets 54,200 Amortization of prior service cost 18,100 Expected return on plan assets 51,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,200 Contributions 97,200 Benefits paid retirees 82,600 Using the data above, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as…
- Problem 20-02 Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,000; projected benefit obligation $250,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,000 $26,000 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,000 22,000 24,000 Annual funding (contributions) 16,000 40,000 48,000 Benefits paid 14,000 16,400 21,000 Prior service cost (plan amended, 1/1/20) 160,000 Amortization of prior service cost 54,400 41,600 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 520,000 Indicate the pension-related amounts reported in the financial…10. Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $201,400; projected benefit obligation $245,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $15,800 $19,400 $26,100 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,000 22,150 24,000 Annual funding (contributions) 15,800 40,000 47,500 Benefits paid 13,700 16,500 20,800 Prior service cost (plan amended, 1/1/20) 160,000 Amortization of prior service cost 53,800 41,700 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 522,200 (a) Prepare a pension worksheet presenting all 3 years’ pension balances and activities. (Enter all…Problem 20-07 Tamarisk Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $474,000 Projected benefit obligation 759,000 Pension asset/liability 285,000 Cr. Prior service cost 84,000 Net gain or loss (debit) 89,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $107,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 43,000 Amortization of prior service cost 25,000 Contributions 138,000 Benefits paid retirees 93,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Tamarisk Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) TAMARISK…
- Question 21 Sage Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,600 Cr. Accumulated benefit obligation (December 31) 400,600 Actual and expected return on plan assets 10,400 Contributions (funding) in 2020 148,800 Fair value of plan assets (December 31) 796,000 Settlement rate 10 % Projected benefit obligation (January 1) 698,500 Service cost 79,600 (b) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020. Sage CompanyIncome Statement (Partial)…Question 21 Sage Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,600 Cr. Accumulated benefit obligation (December 31) 400,600 Actual and expected return on plan assets 10,400 Contributions (funding) in 2020 148,800 Fair value of plan assets (December 31) 796,000 Settlement rate 10 % Projected benefit obligation (January 1) 698,500 Service cost 79,600 (b) Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020. Sage CompanyIncome Statement (Partial) $…Wildhorse Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $817,830 $993,330 Projected benefit obligation, January 1 819,000 936,000 Pension asset/liability, January 1 163,800 Cr. ? Prior service cost, January 1 292,500 280,800 Service cost 70,200 105,300 Actual and expected return on plan assets 28,080 35,100 Amortization of prior service cost 11,700 14,040 Contributions (funding) 134,550 140,400 Accumulated benefit obligation, December 31 585,000 643,500 Interest/settlement rate 10 % 10 % Compute pension expense for 2020 and 2021. Pension expense for 2020 $ Pension expense for 2021 $