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In: Accounting

Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or...

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
Expense

   

Cash

OCI—Prior
Service Cost

OCI—Gain/
Loss

Pension Asset/
Liability

Projected Benefit
Obligation

Plan
Assets
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

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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