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Question - Tamarisk Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021.
Tamarisk Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021.
2020
2021
Projected benefit obligation, January 1
$597,700
Plan assets (fair value and market-related value), January 1
407,700
Pension asset/liability, January 1
190,000 Cr.
Prior service cost, January 1
159,100
Service cost
39,700
$59,600
Settlement rate
10 %
Expected rate of return
Actual return on plan assets
35,900
60,700
Amortization of prior service cost
69,400
49,800
Annual contributions
97,900
80,800
Benefits paid retirees
31,200
52,970
Increase in projected benefit obligation due to changes in actuarial assumptions
87,300
0
Accumulated benefit obligation at December 31
718,000
784,700
Average service life of all employees
20 years
Vested benefit obligation at December 31
466,000
Required -
(a) Make a pension worksheet presenting both years 2020 and 2021.
(b) Make journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year.
(c) For 2021, indicate the pension amounts reported in the financial statements.
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