1. Complete the pension worksheet using the information provided below:

Items Balance, Jan. 1, 2020	Annual Pension Expense	Cash	OCI - Prior Service Cost	OCI- Gains/ Losses	Pension Asset/ Liability	Projected Benefit Obligation	Plan Assets
Service cost
Interest cost
Actual return
Unexpected gain/loss
Amortization of PSC
Contributions
Benefits
Journal entry for 2020

2020 records of Lexxus Company provided the following data related to its noncontributory defined benefit pension plan.

ACCOUNT BALANCES (000s) Jan. 1, 2020 Activity (000s) 2020

Projected Benefit Obligation $300 cr Service cost $ 50

Plan Assets 170 dr Contributions 110

Accumulated OCI PSC 40 dr Actual return on plan assets 8

Accumulated OCI - G/L 25 dr Amortization of PSC 4

Remaining Service Life 10 years Pension benefits paid to retirees 124

OTHER

Expected rate of return on plan assets 6%

Discount/Settlement rate 8%

2. Perform the corridor test of OCI-Gains/Losses. Show your work here:
3. Provide the end of year journal entry based on worksheet amounts.
4. Explain the difference between a defined contribution pension plan and a defined benefit pension plan. Explain how the employers obligation differs between the two types of plans.