10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 202
10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 202
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Oriole Company provides the following information about its defined benefit pension plan for the year 2020.
| Service cost | $91,700 | ||
| Contribution to the plan | 104,300 | ||
| Prior service cost amortization | 10,800 | ||
| Actual and expected return on plan assets | 65,300 | ||
| Benefits paid | 39,700 | ||
| Plan assets at January 1, 2020 | 633,400 | ||
| Projected benefit obligation at January 1, 2020 | 711,600 | ||
| Accumulated OCI (PSC) at January 1, 2020 | 148,000 | ||
| Interest/discount (settlement) rate | 10 | % |
(a)
Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)
|
ORIOLE COMPANY
Pension Worksheet—2020. |
||||||
|---|---|---|---|---|---|---|
|
General
|
Memo Record
|
|||||
|
Items
|
Annual
Pension Expense |
Cash
|
OCI
|
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