Culver Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,480 $1,930 Accumulated benefit obligation 1,930 2,770 Projected benefit obligation 2,460 3,330 Plan assets (fair value) 1,660 2,620 Settlement rate and expected rate of return 10% Pension asset/liability 800 ? Service cost for the year 2020 390 Contributions (funding in 2020) 700 Benefits paid in 2020 200 (a1) Prepare a 2020 pension worksheet

Culver Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,480 $1,930 Accumulated benefit obligation 1,930 2,770 Projected benefit obligation 2,460 3,330 Plan assets (fair value) 1,660 2,620 Settlement rate and expected rate of return 10% Pension asset/liability 800 ? Service cost for the year 2020 390 Contributions (funding in 2020) 700 Benefits paid in 2020 200 (a1) Prepare a 2020 pension worksheet

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 5E

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(a1) Prepare a 2020 pension worksheet

Definition Definition Percentage gain or loss from a specific investment over time. The rate of return is the difference between the closing and initial values of an investment divided by the initial value of the investment. The closing value includes any intermediate cash flows such as dividends or interest amounts.

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