Question

The following defined pension data of Culver Corp. apply to the year 2020.

Projected benefit obligation, 1/1/20 (before amendment)		$594,000
Plan assets, 1/1/20		579,900
Pension liability		14,100
On January 1, 2020, Culver Corp., through plan amendment,    grants prior service benefits having a present value of		116,000
Settlement rate		9	%
Service cost		58,100
Contributions (funding)		67,700
Actual (expected) return on plan assets		54,100
Benefits paid to retirees		42,200
Prior service cost amortization for 2020		16,000

For 2020, prepare a pension worksheet for Culver Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)

CULVER CORP. Pension Worksheet—2020

General Journal Entries

Memo Record

Items

Annual Pension Expense

Cash

OCI–Prior Service Cost

Pension Asset/ Liability

Projected Benefit Obligation

Plan Assets

Balance, Dec. 31, 2019

$

$

$

$

$

$

Prior service cost

Balance, Jan. 1, 2020

Service cost

Interest cost

Actual return

Amortization of PSC

Contributions

Benefits

Journal entry for 2020

$

$

Accumulated OCI, Dec. 31, 2019

Balance, Dec. 31, 2020

$

$

$

$

Answer 1