Business, 10.05.2021 16:20, sherlyndaniel89

On January 1, 2020, Bramble Company has the following defined benefit pension plan balances. Projected benefit obligation $4,484,000
Fair value of plan assets 4,210,000

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 $509,000 are created. Other data related to the pension plan are as follows.

2020 2021
Service cost $152,000 $182,000
Prior service cost amortization 0 92,000
Contributions (funding) to the plan 239,000 287,000
Benefits paid 201,000 286,000
Actual return on plan assets 252,600 255,000
Expected rate of return on assets 6% 8%

Required:
Prepare a pension worksheet for the pension plan for 2020 and 2021.

Answers: 2

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