The following defined pension data of Vaughn Corp. apply to the year 2020. Projected benefit obligation,...

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The following defined pension data of Vaughn Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $526,000 Plan assets, 1/1/20 512,100 Pension liability 13,900 On January 1, 2020, Vaughn Corp., through plan amendment, grants prior service benefits having a present value of 119,000 Settlement rate Service cost 52,300 Contributions (funding) 70,500 Actual (expected) return on plan assets 56,900 Benefits paid to retirees 36,800 Prior service cost amortization for 2020 16,000 10 % For 2020, prepare a pension worksheet for Vaughn Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) VAUGHN CORP. Pension Worksheet-2020 General Journal Entries Annual Pension Expense OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Items Cash Balance, Dec. 31, 2019 $ $ Prior service cost V Balance, Jan. 1, 2020 V Service cost V Interest cost V Actual return V Amortization of PSC V Contributions Benefits Journal entry for 2020 V Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020. V V V V V V V V V V V V V V V V v V V V hat shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) VAUGHN CORP. Pension Worksheet-2020 General Journal Entries n OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Cash V V V V V V V V V V V V $ Memo Record v V V V Plan Assets The following defined pension data of Vaughn Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $526,000 Plan assets, 1/1/20 512,100 Pension liability 13,900 On January 1, 2020, Vaughn Corp., through plan amendment, grants prior service benefits having a present value of 119,000 Settlement rate Service cost 52,300 Contributions (funding) 70,500 Actual (expected) return on plan assets 56,900 Benefits paid to retirees 36,800 Prior service cost amortization for 2020 16,000 10 % For 2020, prepare a pension worksheet for Vaughn Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) VAUGHN CORP. Pension Worksheet-2020 General Journal Entries Annual Pension Expense OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Items Cash Balance, Dec. 31, 2019 $ $ Prior service cost V Balance, Jan. 1, 2020 V Service cost V Interest cost V Actual return V Amortization of PSC V Contributions Benefits Journal entry for 2020 V Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020. V V V V V V V V V V V V V V V V v V V V hat shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) VAUGHN CORP. Pension Worksheet-2020 General Journal Entries n OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Cash V V V V V V V V V V V V $ Memo Record v V V V Plan Assets

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Items Balance Dec 31 2019 Prior service cost Balance Jan 1 2020 Service ... View the full answer