Sweet Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 106,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,200 Benefits paid 40,500 Plan assets at January 1, 2020 633,900 Projected benefit obligation at January 1, 2020 701,600 Accumulated OCI (PSC) at January 1, 2020 149,900 Interest/discount (settlement) rate 9 %
Sweet Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 106,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,200 Benefits paid 40,500 Plan assets at January 1, 2020 633,900 Projected benefit obligation at January 1, 2020 701,600 Accumulated OCI (PSC) at January 1, 2020 149,900 Interest/discount (settlement) rate 9 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sweet Company provides the following information about its defined benefit pension plan for the year 2020.
| Service cost | $91,000 | ||
| Contribution to the plan | 106,400 | ||
| Prior service cost amortization | 10,800 | ||
| Actual and expected return on plan assets | 65,200 | ||
| Benefits paid | 40,500 | ||
| Plan assets at January 1, 2020 | 633,900 | ||
| Projected benefit obligation at January 1, 2020 | 701,600 | ||
| Accumulated OCI (PSC) at January 1, 2020 | 149,900 | ||
| Interest/discount (settlement) rate | 9 | % |
Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)
Transcribed Image Text:SWEET CORP.
Pension Worksheet-2020
General Journal Entries
Memo
OCI-Prior
Service Cost
Annual Pension
OCI- Gain/
Loss
Penison Asset/
Projected Benefit
Obligation
Items
Expense
Cash
Liability
Balance, Jan. 1, 2020
Service cost
Interest cost
Actual return
Unexpected loss
Amortization of PSC
Amortization of loss
Contributions
Benefits
Journal entry for 2020
Accumulated OCI, Dec. 31, 2019
Balance, Dec. 31, 2020
24
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