Business, 07.04.2020 04:53, zacharoo10

On January 1, 2020, Harrington Company has the following defined benefit pension plan balances.

Projected benefit obligation $4,500,000
Fair value of plan assets 4,200,000

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows:

2020 2021
Service cost $150,000 $180,000
Prior service costs amortization 0 90,000
Contributions (funding) to the plan 240,000 285,000
Benefits paid 200,000 280,000
Actual return on plan assets 252,000 260,000
Expected rate of return on assets 6% 8%

a. prepare a pension worksheet for the pension plan for 2020 and 2021
b. for 2021, prepare the journal entry to record pension-related amounts

Answers: 1

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On January 1, 2020, Harrington Company has the following defined benefit pension plan balances.