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Prepare the following: 1. Pension worksheets for the Simpson Company for years ended December 31,...

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Accounting

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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