Question: Projected Benefit Obligation 1/1/20 before plan amendment $750,000 Plan Assets 1/1/20 $460,000 January 1, 2020 Plan amendment PSC per actuary $150,000 Settlement rate 8% Rate

Projected Benefit Obligation 1/1/20 before plan amendment $750,000

Plan Assets 1/1/20 $460,000

January 1, 2020 Plan amendment PSC per actuary $150,000

Settlement rate 8%

Rate of return on plan assets 10%

Service Cost $60000

Contributions to the plan $40,000

Benefits Paid to participants $75000

Actual return on plan assets $50000

Amortization of PSC $18000

Complete the worksheet and prepare the necessary journal entry to record the pension plan on the sponsor's books. Show your work where necessary.

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