Question

Exercise 20-10 (Part Level Submission) Skysong Corp. sponsors a defined benefit pension plan for its employees....

Exercise 20-10 (Part Level Submission) Skysong Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $498,300 Projected benefit obligation 614,700 Pension asset/liability 116,400 Accumulated OCI (PSC) 96,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $92,500 Settlement rate, 9% Actual return on plan assets 54,200 Amortization of prior service cost 18,100 Expected return on plan assets 51,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,200 Contributions 97,200 Benefits paid retirees 82,600 (a) Using the data above, compute pension expense for Skysong Corp. for the year 2020 by preparing a pension worksheet.

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