The following facts apply to the pension plan of Ayayai Inc. for the year 2020....
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The following facts apply to the pension plan of Ayayai Inc. for the year 2020. $511,800 511,800 8 % Plan assets, January 1, 2020 Projected benefit obligation, January 1, 2020 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees 36,500 23,500 50,300 33,400 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive) AYAYAI IN Pension Workshop General Journal Entries Annual Pension Expense Items Cash $ Balance, January 1, 2020 $ Service cost C > Interest cost > Actual return Contributions C Benefits $ VA C $ Journal entry, December 31 S Balance, December 31.2020 AYAI INC. Worksheet-2020 Memo Record Pension Asset/ Liability Projected Benefit Obligation Plan Assets v > >> > $
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