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Prepare pension worksheet for Skysong Corporation

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Reference no: EM132593230

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

Defined Benefit Obligation $1,340,000

Pension Plan Assets $ 1,470,000

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

Current year service cost $93,000

Prior service cost, granted Jan 1, 2020 $ 173,000

Employer contributions for the year $81,000

Benefits paid to retirees $ 25,000

Expected return on assets 5%

Actual return on assets 6%

Discount rate 5%

Required -

1. Prepare pension worksheet for Skysong Corporation for 2020.

2. Prepare pension plan journal entries for Skysong Corporation for 2020.

3. What is the funded status for Skysong Corporation at December 31, 2020?

Reference no: EM132593230

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