At January 1, 2020, Windsor Company had plan assets of $303,400 and a projected benefit obligation of the same amount. During 2020, service cost was $26,700, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $19,700, and benefits paid were $16,900.Prepare a pension worksheet for Windsor Company for 2020.WINDSOR COMPANY General Journal Entries Memo RecordItems PensionExpense Cash PensionAsset/Liability ProjectedBenefitObligation PlanAssets1/1/20 $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit Service cost enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Interest cost enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Actual return enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Contributions enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Benefits enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Journal entry, 12/31/20 $enter a total amount select a debit or credit $enter a total amount select a debit or credit enter a dollar amount

Given: Assets = $303,400 Service cost = $26,700 Settlement rate = 10% Return on plan assets =…

Answered: At January 1, 2020, Windsor Company had…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At January 1, 2020, Windsor Company had plan assets of $303,400 and a projected benefit obligation of the same amount. During 2020, service cost was $26,700, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $19,700, and benefits paid were $16,900.

Prepare a pension worksheet for Windsor Company for 2020.

WINDSOR COMPANY
	General Journal Entries		Memo Record
Items	Pension Expense		Cash		Pension Asset/Liability	Projected Benefit Obligation		Plan Assets
1/1/20	$enter a dollar amount	select a debit or credit		$enter a dollar amount	select a debit or credit	$enter a dollar amount	select a debit or credit		$enter a dollar amount	select a debit or credit	$enter a dollar amount	select a debit or credit
Service cost	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit
Interest cost	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit
Actual return	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit
Contributions	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit
Benefits	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit		enter a dollar amount	select a debit or credit	enter a dollar amount	select a debit or credit
Journal entry, 12/31/20	$enter a total amount	select a debit or credit		$enter a total amount	select a debit or credit	enter a dollar amount

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