Nash Corporation is a privately owned company that follows ASPE. On December 31, 2019, Nash's...
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Nash Corporation is a privately owned company that follows ASPE. On December 31, 2019, Nash's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $7,551,900 7,258,100 On January 1, 2020, Nash acquired the operations of SZL Ltd. As one of the conditions of the purchase, Nash agreed that SZl's employees would be included in Nash's defined benefit pension plan and would be granted credit for the past service of SZL's employees. The actuary estimated the value of the prior service amount granted on January 1, 2020 to be $312,700. Nast's actuary provided the following information on December 31, 2020: Current year service cost $371,700 Employer contributions for the year 414,500 Benefits paid to retirees 171,200 Actuarial increase in pension obligations 128,700 Expected return on assets 6% Actual return on assets Discount rate 5% 6% Prepare a pension worksheet for Nash Corporation for the year ending December 31, 2020. General Journa Annual Pension Expense Cash Balance, January 1, 2020
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