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Analyzing Change in Plan Asset Balance
The Blackhawk Company implemented a defined benefit pension plan for its employees. The following data are provided for 2021.
| Account Balances, Dec. 31 | 2021 |
| Projected Benefit Obligation | $280,000 |
| Plan Assets | 280,020 |
| Activity | 2021 |
| Actual return on plan assets | $8,120 |
| Benefits paid to employees | 12,000 |
| Employer contributions | 15,000 |
a. Determine the balance in Plan Assets on January 1, 2021.
b. Determine the actual rate of return on plan assets for 2021.
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