Exercise 20-03 (Part Level Submission)Windsor Company provides the following information about its defined benefit pension plan for the year 2020.Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2020 632,300 Projected benefit obligation at January 1, 2020 686,100 Accumulated OCI (PSC) at January 1, 2020 147,300 Interest/discount (settlement) rate 11%A. Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020.

Pension is the expense that a company has to pay to its employees after they get retired.

Answered: Windsor Company provides the following…

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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Exercise 20-03 (Part Level Submission)

Windsor Company provides the following information about its defined benefit pension plan for the year 2020.

Service cost	$91,400
Contribution to the plan	102,900
Prior service cost amortization	9,600
Actual and expected return on plan assets	64,900
Benefits paid	40,600
Plan assets at January 1, 2020	632,300
Projected benefit obligation at January 1, 2020	686,100
Accumulated OCI (PSC) at January 1, 2020	147,300
Interest/discount (settlement) rate	11	%

A. Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020.

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