Sheffield Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the followi

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Sheffield Company adopts acceptable accounting for its
defined benefit pension plan on January 1, 2019, with the following
beginning balances: plan assets $199,200; projected benefit
obligation $252,000. Other data relating to 3 years’ operation of
the plan are as follows.
2019
2020
2021
Annual service cost
$16,100
$19,400
$25,400
Settlement rate and expected rate of return
10
%
10
%
10
%
Actual return on plan assets
18,300
21,990
23,900
Annual funding (contributions)
16,100
40,000
47,800
Benefits paid
13,700
16,600
21,200
Prior service cost (plan amended, 1/1/20)
157,500
Amortization of prior service cost
54,800
42,000
Change in actuarial assumptions establishes
a December 31, 2021, projected benefit obligation
of:
509,800
(a)
Prepare a pension worksheet presenting all 3 years’ pension
balances and activities.
B)
Prepare the journal entries (from the worksheet) to reflect all
pension plan transactions and events at December 31 of each
year.