a) using the above information of Nashville Corporation, complete the pension worksheet for 2020. Indicate credit entries
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b) prepare journal entries to reflect the accounting for the company's pension plan for the year ending Dec 31, 2020
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IV. Preparing a pension work sheet, (15 points) The accountant for Nashville Corporation has developed the following information for the company's defined-benefit pension plan for 2020: Service cost Actual return on plan assets Annual contribution to the plan Amortization of prior service cost Benefits paid to retirees Settlement rate Expected rate of return on plan assets $500,000 250,000 920,000 125,000 60,000 10% 8% The accumulated benefit obligation at December 31, 2020, amounted to $3,250,000. IV. Preparing a pension work sheet, (15 points) The accountant for Nashville Corporation has developed the following information for the company's defined-benefit pension plan for 2020: Service cost Actual return on plan assets Annual contribution to the plan Amortization of prior service cost Benefits paid to retirees Settlement rate Expected rate of return on plan assets $500,000 250,000 920,000 125,000 60,000 10% 8% The accumulated benefit obligation at December 31, 2020, amounted to $3,250,000.
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