Culver Company provides the following selected information related to its defined benefit pension plan for 2020....

  

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Culver Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,800 Cr. Accumulated benefit obligation (December 31) 403,900 Actual and expected return on plan assets 9,900 Contributions (funding) in 2020 149,900 807,900 Fair value of plan assets (December 31) Settlement rate 10 % 695,200 Projected benefit obligation (January 1) 80,790 Service cost Compute pension expense. Pension expense for 2020 140,410 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $21.300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit Pension Expense 140,410 Pension Assett/Liability 9,490 149.900 Cash dicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Culver Company Income Statement (Partial) For the Year Ended December 31, 2020 Operating Expenses Rent Expense 0. Other Revenue /Expenses 140410 Penslon Expense Pension Expense 140,410 Culver Company Balance Sheet (Partial) December 31, 2020 Liabilities Pension Liability 16,310 %24 %24 Culver Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,800 Cr. Accumulated benefit obligation (December 31) 403,900 Actual and expected return on plan assets 9,900 Contributions (funding) in 2020 149,900 807,900 Fair value of plan assets (December 31) Settlement rate 10 % 695,200 Projected benefit obligation (January 1) 80,790 Service cost Compute pension expense. Pension expense for 2020 140,410 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $21.300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit Pension Expense 140,410 Pension Assett/Liability 9,490 149.900 Cash dicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Culver Company Income Statement (Partial) For the Year Ended December 31, 2020 Operating Expenses Rent Expense 0. Other Revenue /Expenses 140410 Penslon Expense Pension Expense 140,410 Culver Company Balance Sheet (Partial) December 31, 2020 Liabilities Pension Liability 16,310 %24 %24

Answer rating: 100% (QA)

Computation of pension expense Amount Service cost 80790 Interest ... View the full answer