FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Sweet Company provides the following information about its defined benefit pension plan for the year 2020.
Service cost | $91,000 | ||
Contribution to the plan | 106,400 | ||
Prior service cost amortization | 10,800 | ||
Actual and expected return on plan assets | 65,200 | ||
Benefits paid | 40,500 | ||
Plan assets at January 1, 2020 | 633,900 | ||
Projected benefit obligation at January 1, 2020 | 701,600 | ||
Accumulated OCI (PSC) at January 1, 2020 | 149,900 | ||
Interest/discount (settlement) rate | 9 | % |
Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)
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