Question

Exercise 20-03 (Part Level Submission) Swifty Company provides the following information about its defined benefit pension...

Exercise 20-03 (Part Level Submission)

Swifty Company provides the following information about its defined benefit pension plan for the year 2020.
Service cost $89,200
Contribution to the plan 106,100
Prior service cost amortization 10,300
Actual and expected return on plan assets 64,100
Benefits paid 40,100
Plan assets at January 1, 2020 632,500
Projected benefit obligation at January 1, 2020 702,600
Accumulated OCI (PSC) at January 1, 2020 151,200
Interest/discount (settlement) rate 11 %

(a)

Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)

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