Brown Inc. has the following information available regarding their defined benefit pension plan. Prior service costs (PSC) were $60,000.
Settlement (discount) rate is 6% and expected return on plan assets is 7%.
Brown has 18 employees and 2 are expected to retire each year. (check figure for PSC amortization formula is 20%)
PBO (1/1/2020) $500,000 (includes PSC)
Service cost for 2020 $140,000
Plan Assets (1/1/2020) $300,000
Plan Assets (12/31/2020) $491,000
Contributions to plan (at year end) 2020 $220,000
Benefits paid from plan in 2020 $30,000
Unrecognized Actuarial Loss (as of 1/1/2020) <$100,000>
Average remaining service life of employees is 5 years.
Original JE on 1/1/20 for Prior Service Cost (PSC) due to the amendment to pension plan
OCI -PSC 60,000
Accrued/Prepaid Pension Cost 60,000
Jan 1 Balance in Acc/Ppd Pension Cost account is $84,000 (credit); after $60,000 PSC JE was posted
Determine the actual return on plan assets.
Show the “SYD” employee formula and work for calculating the 20% amortization for PSC.
Determine each of the components of 2020 pension cost (expense) and total. Show all work.
Prepare the 2020 pension adjusting entry; Brown funds the pension assets with $220,000 (shown above).
Prepare the necessary entry for the amortization of prior service cost.
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