Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $49,200 Contribution to the plan 10,600 Actual and expected return on plan assets 12,100 Benefits paid 21,100 Plan assets at January 1, 2020 107,000 Accumulated postretirement benefit obligation at January 1, 2020 332,500 Discount rate 10% Prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. (Enter all amounts as positive.) Vaughn Co. Pension Worksheet-2020 General Journal Entries Memo Record Annual Postretirement Expense Postretirement Asset/ Liability Cash Plan Assets $ Balance, Jan. 1, 2020 Service cost Interest cost Actual return Contributions Benefits Journal entry for 2020 $ Balance, Dec. 31, 2020 Prepare the journal entry recording postretirement benefit expense. (Credit account titles are automatically indented Account Titles and Explanation Debit Credit