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For 2020, prepare a pension worksheet for Brownie Company that shows the journal entry for pension...

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Accounting

For 2020, prepare a pension worksheet for Brownie Company thatshows the journal entry for pension expense and the year-endbalances in the related pension accounts.

Projected benefit obligation,1/1/20 (before)

$580,000

Plan assets, 1/1/20

565,600

Pension liability

14,400

On January 1, 2020, Crane Corp., through plan
  grants prior service benefits having a present valueof

93,000

Settlement rate

9%

Service cost

54,000

Contributions (funding)

71,000

Actual (expected) return on plan assets

54,600

Benefits paid to retirees

40,000

Prior service cost amortization for 2020

19,200

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