Pharrell Inc. sponsored a defined pension plan for its employees. For the year ended December 31, 2020, Pharrell recorded pension expense of $2,500 (including service cost of $1,500) and a $200 unexpected loss on plan assets. Pharrell calculated the December 31, 2020, balance in Accumulated OCI—Gain/Loss account to be $400 (debit) and calculated a net pension asset/liability of $250 (credit). Assuming no amortization of pension gain/loss, what is the impact of this plan on the 

(a) Balance sheet, 

(b) Income statement, and (c) statement of comprehensive income?

• Use a negative sign to indicate accumulated loss.
• If a line isn't required in the statement for these transactions, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero).

Balance Sheet
December 31, 2020
Assets
	Answer
Liabilities
	Answer
Stockholders' Equity
	Answer

• Do not use a negative sign with your answers.

Income Statement
For the Year Ended December 31, 2020
Operating expenses	Answer
	Answer

•  Use a negative sign to indicate a loss.

Statement of Comprehensive Income
For the Year Ended December 31, 2020
Other comprehensive income (loss)
	Answer

Answer rating: 100% (QA)

a Balance Sheet December 31 2020 Assets NA Liabilities Net Pension Liability ... View the full answer