Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $497,900 Projected benefit obligation 571,700 Pension asset/liability 73,800 Accumulated OCI (PSC) 101,400 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $87,700 Settlement rate, 9% Actual return on plan assets 53,100 Amortization of prior service cost 18,300 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,400 Contributions 97,200 Benefits paid retirees 84,500 Prepare the journal entry for pension expense for 2020

Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $497,900 Projected benefit obligation 571,700...

Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.

Plan assets	$497,900
Projected benefit obligation	571,700
Pension asset/liability	73,800
Accumulated OCI (PSC)	101,400	Dr.

As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.

Service cost		$87,700
Settlement rate, 9%
Actual return on plan assets		53,100
Amortization of prior service cost		18,300
Expected return on plan assets		50,200
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions		74,400
Contributions		97,200
Benefits paid retirees		84,500

Prepare the journal entry for pension expense for 2020

Jun 10, 2022