The following defined pension data of Twitter, Inc. apply to the year 2022 Accumulated benefit obligation, 1/1/22 $600,000 Projected benefit obligation, 1/1/22 655,000 Plan assets, 1/1/22 590,000 Prior service costs from 2020, (Balance carry forward @ 1/1/22) 80,000 Settlement rate 10% Expected rate 9% Service cost 72,000 Contributions (funding) 85,000 Actual return on plan assets 54,870 Benefits paid to retirees 36,000 Prior service cost amortization for 2022 14,000 Instructions: For 2022, fill the attached pension work sheet for Twitter, Inc. and the journal entry for pension expense. Pension Work Sheet for 2022
The following defined pension data of Twitter, Inc. apply to the year 2022
Accumulated benefit obligation, 1/1/22 $600,000
Projected benefit obligation, 1/1/22 655,000
Plan assets, 1/1/22 590,000
Prior service costs from 2020, (Balance carry forward @ 1/1/22) 80,000
Settlement rate 10%
Expected rate 9%
Service cost 72,000
Contributions (funding) 85,000
Actual return on plan assets 54,870
Benefits paid to retirees 36,000
Prior service cost amortization for 2022 14,000
Instructions: For 2022, fill the attached pension work sheet for Twitter, Inc. and the
Pension Work Sheet for 2022
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