7 The following defined pension data of Metcalf Corp apply to the year 2020 8 9 Projected benefit obligation, 1/1/20 (be

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7 The Following Defined Pension Data Of Metcalf Corp Apply To The Year 2020 8 9 Projected Benefit Obligation 1 1 20 Be 1 (63.05 KiB) Viewed 11 times

7 The following defined pension data of Metcalf Corp apply to the year 2020 8 9 Projected benefit obligation, 1/1/20 (before amendment) Plan assets, 1/1/20 10 11 Pension liability 12 On January 1, 2020, Metcalf Corp., through plan amendment, grants prior service benefits having a present value of 13 14 Settlement rate and expected rate of return 15 Accumulated OCI - net (gain) or loss Dec 31, 2019 Service cost 16 58,000 17 Contributions (funding) 65,000 18 Actual return on plan assets 52,280 19 Benefits paid to retirees 40,000 20 Prior Service Cost amortization for 2020 17,000 21 Average service life of all employees 12 years 22 23 Instructions: 24 For 2020, prepare a pension worksheet for Metcalf Corp that shows the journal entry for pension expense and the year-end balances in the 25 related pension accounts 26 27 28 METCALF CORP. Pension Worksheet-2020 General Journal Entnes 29 Memo Record Pension OCI Annual Pension dr./ Expense c Cash OCI-Phot d Service cr. Cost dr Gan/Loss dr/Asset/ Projected dr/ Beneft Obligation 30 Items dr/ Plan cr Assets er of Liability 31 Balance, Dec 31, 2019 32 Prior service cost 33 Balance January 1, 2020 34 Service cost 58,000 35 Interest cost 36 Actual return 37 Unexpected ganloss 30 Amortization of PSC 39 Amortization of loss 40 Contributions 41 Benefits 42 Journal entry for 2020 58,000 43 Accum OCI, Dec. 31, 2019 44 Balance, Dec 31, 2020 45 46 47 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020 40 49 50 51 52 53 54 K $560,000 546,200 13,800 120,000 9% 74,000