LarkspurCompany provides the following information about its defined benefit pension plan for the year 2020. Service cost
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Question:
LarkspurCompany provides the following information about its defined benefit pension plan for the year 2020.
Service cost | $89,200 | ||
Contribution to the plan | 106,100 | ||
Prior service cost amortization | 10,300 | ||
Actual and expected return on plan assets | 64,100 | ||
Benefits paid | 40,100 | ||
Plan assets at January 1, 2020 | 632,500 | ||
Projected benefit obligation at January 1, 2020 | 702,600 | ||
Accumulated OCI (PSC) at January 1, 2020 | 151,200 | ||
Interest/discount (settlement) rate | 11 | % |
(a)
do a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)
LARKSPUR COMPANY Pension Worksheet2020. | ||||||||||||||||||
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General Journal Entries | Memo Record | |||||||||||||||||
Items | Annual Pension Expense | Cash | OCI Prior Service Cost | Pension Asset/ Liability | Projected Benefit Obligation | Plan Assets | ||||||||||||
Balance, January 1, 2020 | ||||||||||||||||||
Service cost | ||||||||||||||||||
Interest cost | ||||||||||||||||||
Actual return | ||||||||||||||||||
Amortization of PSC | ||||||||||||||||||
Contributions | ||||||||||||||||||
Benefits | ||||||||||||||||||
Journal entry for 2020 | ||||||||||||||||||
Accumulated OCI, Dec. 31, 2019 | ||||||||||||||||||
Balance, Dec. 31, 2020 |
Posted Date: