Question

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   grants prior service benefits having a present value of		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

Answer 1