The following defined pension data of Sandhill Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $509,000 Plan assets, 1/1/20 496,000 Pension liability 13,000 On January 1, 2020, Sandhill Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2020 123,000 9 58,300 59,600 48,300 43,500 16,400 % For 2020, prepare a pension worksheet for Sandhill Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)
The following defined pension data of Sandhill Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $509,000 Plan assets, 1/1/20 496,000 Pension liability 13,000 On January 1, 2020, Sandhill Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2020 123,000 9 58,300 59,600 48,300 43,500 16,400 % For 2020, prepare a pension worksheet for Sandhill Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following defined pension data of Sandhill Corp. apply to the year 2020.
Projected benefit obligation, 1/1/20 (before amendment)
$509,000
Plan assets, 1/1/20
496,000
Pension liability
On January 1, 2020, Sandhill Corp., through plan amendment,
grants prior service benefits having a present value of
Settlement rate
Service cost
Contributions (funding)
Actual (expected) return on plan assets
Benefits paid to retirees
Prior service cost amortization for 2020
13,000
123,000
9
58,300
59,600
48,300
43,500
16,400
%
For 2020, prepare a pension worksheet for Sandhill Corp. that shows the journal entry for pension
expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)
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