The following defined pension data of Yang Ltd. apply to the year 2019 (amounts in thousands).
Defined benefit obligation, 1/1/19 (before amendment).............................................................................¥560,000
Plan assets, 1/1/19...........................................................................................................................546,200
Pension liability...............................................................................................................................13,800
On January 1, 2019, Yang Ltd., through plan amendment, grants past service benefits having a present value of...........120,000
Discount (interest) rate...........................................................................................................................9%
Service cost....................................................................................................................................58,000
Contributions (funding).....................................................................................................................65,000
Actual return on plan assets................................................................................................................49,158
Benefits paid to retirees.....................................................................................................................40,000
Instructions
For 2019, prepare a pension worksheet for Yang Ltd. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.