Please, look at images. Will rate answer correctly if correct! Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditDec. 31, 2020 Pension Expense136880Pension Asset/Liability27140Other Comprehensive I11800Other Comprehensive16520Cash135700Dec. 31, 2021 TPension Expense179360Pension Asset/Liability23600Other Comprehensive I14160Cash141600 Problem 20-04 (Part Level Submission)Sage Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021.20202021Plan assets (fair value), December 31Projected benefit obligation, January 1Pension asset/liability, January 1$824,820$1,001,820826,000944,000165,200 Cr.?Prior service cost, January 1295,000283,200Service cost70,800106,200Actual and expected return on planassets28,32035,400Amortization of prior service cost11,80014,160Contributions (funding)Accumulated benefit obligation,December 31135,700141,600590,000649,000Interest/settlement rate10 %10 %

Pension cost is the amount charged to expense by a company in relation to its obligations for…

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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 enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Llability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 pension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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 enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Llability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 pension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600

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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