Solution-Create the pension worksheet for the pension plan

Create the pension worksheet for the pension plan

Reference no: EM132737507

Question - On January 1, 2020, Pina Company has the following defined benefit pension plan balances.

Projected benefit obligation $4,463,000

Fair value of plan assets 4,190,000

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $505,000 are created. Other data related to the pension plan are as follows.

	2020	2021
Service cost	$148,000	$177,000
Prior service cost amortization	0	90,000
Contributions (funding) to the plan	241,000	287,000
Benefits paid	200,000	285,000
Actual return on plan assets	251,400	255,000
Expected rate of return on assets	6%	8%

Required - Create the pension worksheet for the pension plan for 2020 and 2021.

Reference no: EM132737507

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Create the pension worksheet for the pension plan

Reference no: EM132737507

Reference no: EM132737507

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