janayflowers042
janayflowers042
21.06.2021 • 
Business

Using the below information , prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020, balances, and the journal entry recording pension expense. Service cost$ 90,000
Contribution to the plan105,000
Prior service cost amortization10,000
Actual and expected return on plan assets64,000
Benefits paid40,000
Plan assets at January 1, 2020640,000
Projected benefit obligation at January 1, 2020700,000
Accumulated OCI (PSC) at January 1, 2020150,000
Interest/discount (settlement) rate10%

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