Teal Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with...

  

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Teal Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197.700; projected benefit obligation $254,000. Other data relating to 3 years operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021. projected benefit obligation of: 2019 $15,800 10 % 18.300 15,800 13,700 2020 $18,800 10 % 21,810 40,800 16,700 157.900 54,900 2021 $25.900 10 % 24,500 48,900 20,600 42,400 529,000 Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year: (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 Date Dec. 31, 2019 Dec. 31. 2020 Dec. 31. 2021 Debit Credit 1144 Teal Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197.700; projected benefit obligation $254,000. Other data relating to 3 years operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021. projected benefit obligation of: 2019 $15,800 10 % 18.300 15,800 13,700 2020 $18,800 10 % 21,810 40,800 16,700 157.900 54,900 2021 $25.900 10 % 24,500 48,900 20,600 42,400 529,000 Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year: (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 Date Dec. 31, 2019 Dec. 31. 2020 Dec. 31. 2021 Debit Credit 1144

Answer rating: 100% (QA)

Items Balance on Jan12019 Service Cost Interest Cost 25400010 Actual Return Unexpected loss197700101... View the full answer