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Sage Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. $274,800 337,500 Plan assets (market-related value) Projected benefit obligation Pension asset/liability Prior service cost OCI-LOSS 62.700 Cr. 91,800 39,000 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021 Service cost Actual return on plan assets Amortization of prior service cost $45,700 26,500 12,200 Contributions 65.900 Benefits paid retirees 41,000 Settlement rate 7 X As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $45,700 26,500 12,200 65.900 Actual return on plan assets Amortization of prior service cost Contributions Benefits paid retirees Settlement rate Expected return on plan assets Average remaining service life of active employees 41,000 7 % 8 %6 10 years Sage Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. $274,800 Plan assets (market-related value) Projected benefit obligation Pension asset/liability 337,500 62.700 Cr. Prior service cost 91,800 OCI-Loss 39.000 Annual Pension Expense Cash Balance, Jan 1, 2021 Service cost 45700 Dr Interest cost 23625 Dr. Actual return 26500 C Unexpected gain 4516 Dr. Amortization of PSC 12200 Dr. Amortization of loss 1200 Dr. i Contributions 65400 . Benefits General Journal Entries OCI-Prior Service Cost OCI-Gain/ Loss Pension As Liability $ 627 4516 Cr. 12200 Cr i Cr. i i Sain/ S Pension Asset/ Liability Projected Benefit Obligation $ 62700 Cr. 337500 Cr. 45700 Cr i 23625 Cr 4516 Cr. i Cr. 41000 Dr. 23075 Dr. Memo Record ision Asset/ Liability Projected Benefit Obligation Plan Assets 62700 Cr. 337500 CH 274800 Dr. 45700 Cr 23625 Cr. i 26500 Dr. 1 65900 De 41000 Dr. 41000 CE Interest cost 23625 Dr. Actual return 26500 Cr. Unexpected gain 4516 Dr. Amortization of PSC 12200 Dr. Amortization of loss 1200 Dr. Contributions 65900 CH Benefits Journal entry for 2021 $ 60741 Dr $ 65900 Ct. Accumulated OCI. Dec 31, 2020 Balance, Dec. 31. 2021 4516 CH 12200 Cr Cr 12200 Cr. cr. 91800 Dr. 39000 Dr. $ 79600 Dr. $ Dr. s 0.16 /0.4 I! 45700 23625 CH 41000 De 23075 Dr. S 0 $ 365825 Cr 5 32 45700 Cr 23625 Cr 26500 Dr 65900 De 41000 Dr. 41000 CA 23075 Dr. i 0 Cr. $ 365825 Cr $ 326200 Dr

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