In: Accounting
Determine the missing amounts in the 2020 pension worksheet,
indicating whether the amounts are debits or credits.
(Enter all amounts as
positive.)
Pension Worksheet—Sunland Inc. |
||||||||||||||||||||||
General Journal Entries |
Memo Record |
|||||||||||||||||||||
Annual Pension |
Cash |
OCI—Prior |
OCI—Gain/ |
Pension Asset/ |
Projected Benefit |
Plan |
||||||||||||||||
Balance, Jan. 1, 2020 |
$1,408 |
Cr. |
$3,584 |
Dr.Cr. |
$2,176 |
Dr.Cr. |
||||||||||||||||
Service cost |
$ |
Dr.Cr. |
640 |
Dr.Cr. |
||||||||||||||||||
Interest cost |
Dr.Cr. |
358 |
Dr.Cr. |
|||||||||||||||||||
Actual return |
Dr.Cr. |
282 |
Dr.Cr. |
|||||||||||||||||||
Unexpected gain |
192 |
Dr.Cr. |
$ |
Dr.Cr. | ||||||||||||||||||
Amortization of PSC |
Dr.Cr. |
$70 |
Dr.Cr. |
|||||||||||||||||||
Contributions |
$1,024 |
Dr.Cr. |
1,024 |
Dr.Cr. |
||||||||||||||||||
Benefits |
256 |
Dr.Cr. |
256 |
Dr.Cr. |
||||||||||||||||||
Liability increase | Dr.Cr. |
467 |
Dr.Cr. |
|||||||||||||||||||
Journal entry |
$ |
Dr.Cr. |
$ |
Dr.Cr. | Dr.Cr. | Dr.Cr. | Dr.Cr. | |||||||||||||||
Accumulated OCI, Dec. 31, 2019 |
1,408 |
Dr.Cr. |
0 |
|||||||||||||||||||
Balance, Dec. 31, 2020 |