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Shows the journal entry for pension expense

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Question - The following defined pension data of Sage Corp. apply to the year 2020.

Projected benefit obligation, 1/1/20 (before amendment) $616,000

Plan assets, 1/1/20 601,600

Pension liability 14,400

On January 1, 2020, Sage Corp., through plan amendment, grants prior service benefits having a present value of 126,000

Settlement rate 9%

Service cost 61,500

Contributions (funding) 61,000

Actual (expected) return on plan assets 54,800

Benefits paid to retirees 42,700

Prior service cost amortization for 2020 15,600

For 2020, do a pension worksheet for Sage Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

Reference no: EM133162165

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