Reference no: EM132746738
Question - 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%
Required -
1. Prepare a pension worksheet for Blue Corporation for 2020.
2. Prepare pension plan journal entries for Blue Corporation for 2020.
3. What is the funded status for Blue Corporation at December 31, 2020?
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