Problem 20-02

Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,000; projected benefit obligation $250,000. Other data relating to 3 years operation of the plan are as follows.

		2019			2020			2021
Annual service cost		$16,000			$19,000			$26,000
Settlement rate and expected rate of return		10	%		10	%		10	%
Actual return on plan assets		18,000			22,000			24,000
Annual funding (contributions)		16,000			40,000			48,000
Benefits paid		14,000			16,400			21,000
Prior service cost (plan amended, 1/1/20)					160,000
Amortization of prior service cost					54,400			41,600
Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of:								520,000

1. Indicate the pension-related amounts reported in the financial statements for 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -15,200 or parentheses e.g. (15,200).)

Jackson Company Partial Income Statement For the Year Ended December 31, 2021 TOperating Expenses T Pension Expense 203400 TOther Income / Expenses TPension Expense 179530 Jackson Company Comprehensive Income Statement For the Year Ended December 31, 2021 Net Income / (Loss) [Other Comprehensive Income (Loss) $XXXX T Liability Gain (Loss) (2560) T Prior Service Cost Amortization 16630 T Asset Gain (Loss) 41600 Comprehensive Income (Loss) $XXXX Jackson Company Partial Balance Sheet December 31, 2021 TLiabilities Pension Liability T Stockholders' Equity Accumulated Other Comprehensive Income (G/L) Accumulated Other Comprehensive Loss (PSC)