view Policies Current Attempt in Progress Wildhorse Corp. sponsors a defined benefit pension plan for...
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view Policies Current Attempt in Progress Wildhorse Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (fair value) Projected benefit obligation Pension asset/liability Prior service cost OCI - Loss $460,000 540,000 80,000 Cr. 73,000 55,000 As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021. Service cost for 2021 $66,000 Actual return on plan assets in 2021 42,340 Amortization of prior service cost 7,800 Contributions in 2021 107.000 Benefits paid retirees in 2021 74.000 Settlement rate 8 % Expected return rate 9 % Average remaining service life of active employees 10 years Compute pension expense for Wildhorse Corp. for the year 2021 by preparing a pension worksheet. Compute pension expense for Wildhorse Corp. for the year 2021 by preparing a pension worksheet. Annual Pension Expense General Journal OCI-Pric Service Co Cash Balance, Jan. 1, 2021 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 Accumulated OCI, Dec 31, 2020
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