Prepare a penskon worksheet for the pension plan

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Reference no: EM133416878

Question: Skysong Co. has the following defined benefit pension plan balances on January 1, 2020.

Projected benefit obligation $4,630,000 Fair value of plan assets 4,630,000 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 $601.000 are created. Other data related to the pension plan are:

2020 service cost $150,000

prior service cost ammoetization 0

contributions (funding) to the plan 200,000

benefits paid 222,000

actual return on assets 250,000

expexted rate of return on assets 6%

2021

service cost $ 168,000

prior service cost ammoetization 91,000

contributions (funding) to the plan 184,000

benefits paid 279,000

actual return on assets 352,000

expexted rate of return on assets 8%

prepare a penskon worksheet for the pension plan in 2020.

Reference no: EM133416878

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