In: Accounting
For 2020, prepare a pension worksheet for Brownie Company that
shows the journal entry for pension expense and the year-end
balances in the related pension accounts.
Projected benefit obligation,1/1/20 (before) |
$580,000 |
|
Plan assets, 1/1/20 |
565,600 |
|
Pension liability |
14,400 |
|
On January 1, 2020, Crane Corp., through plan |
93,000 |
|
Settlement rate |
9% |
|
Service cost |
54,000 |
|
Contributions (funding) |
71,000 |
|
Actual (expected) return on plan assets |
54,600 |
|
Benefits paid to retirees |
40,000 |
|
Prior service cost amortization for 2020 |
19,200 |