Reference no: EM133073132
Question - The following defined pension data of Carla Corp. apply to the year 2020.
Projected benefit obligation, 1/1/20 (before amendment) $545,000
Plan assets, 1/1/20 531,200
Pension liability 13,800
On January 1, 2020, Carla Corp., through plan amendment, grants prior service benefits having a present value of 119,000
Settlement rate 8%
Service cost 63,800
Contributions (funding) 60,600
Actual (expected) return on plan assets 52,000
Benefits paid to retirees 38,200
Prior service cost amortization for 2020 16,400
Required - For 2020, prepare a pension worksheet for Carla Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
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