Prepare the following: 1. Pension worksheets for the Simpson Company for years ended December 31,...
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Prepare the following: 1. Pension worksheets for the Simpson Company for years ended December 31, 2020 and 2021.
| Assumptions for 2011: | ||
| Plan assets, January 1, 2020 | $ 450,000 | |
| Projected benefit obligation, January 1, 2020 | 450,000 | |
| Annual service cost for 2020 | 27,000 | |
| Settlement rate for 2020 | 7% | |
| Actual return on plan assets for 2020 | 30,000 | |
| Contributions for 2020 | 32,000 | |
| Benefits paid to retirees during 2020 | 17,000 | |
| Pension Asset/Liability, January 1, 2020 | - | |
| Assumptions for 2012: | ||
| Present value of prior years service cost benefits | ||
| granted January 1, 2021 | $ 42,000 | |
| Annual service cost for 2021 | 28,000 | |
| Settlement rate for 2021 | 7% | |
| Actual return on plan assets for 2021 | 31,000 | |
| Contributions for 2021 | 29,000 | |
| Benefits paid to retirees during 2021 | 24,000 | |
| Amortization of prior years service costs | 17,500 | |
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