Prepare a pension worksheet for blue corporation

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Reference no: EM132763240

Blue Corporation is a privately owned company that uses ASPE. On January 1, 2020 Blue's financial records indicated the following information related to the company's defined benefit pension plan:

Defined Benefit Obligation $1,400,000

Pension Plan Assets 1,530,000

Blue Corporation's actuary provided the following information on December 31, 2020:

Current year service cost $82,000

Prior service cost, granted Jan 1, 2020 170,000

Employer contributions for the year 96,000

Benefits paid to retirees 25,000

Expected return on assets 5%

Actual return on assets 6%

Discount rate 5%

Problem 1: Prepare a pension worksheet for Blue Corporation for 2020.

Reference no: EM132763240

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