Exercise 20-10 Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets   $498,300   Projected benefit obligation   614,700   Pension asset/liability   116,400   Accumulated OCI (PSC)   96,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost   $92,500 Settlement rate, 9%     Actual return on plan assets   54,200 Amortization of prior service cost   18,100 Expected return on plan assets   51,200 Unexpected loss from change in projected benefit obligation,    due to change in actuarial predictions   74,200 Contributions   97,200 Benefits paid retirees   82,600             Using the data above, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.) SHAMROCK CORP. Pension Worksheet     General Journal Entries   Memo Record Items   Annual Pension Expense   Cash   OCI—Prior Service Cost   OCI— Gain/ Loss   Pension Asset/ Liability   Projected Benefit Obligation   Plan Assets Balance, Jan. 1, 2020   $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr. Service cost     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Interest cost     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Actual return     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Unexpected gain     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Amortization of PSC     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Liability increase     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Contributions     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Benefits     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Journal entry for 2020   $ Dr. Cr.   $ Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Accumulated OCI, Dec. 31, 2019                 Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr.     Dr. Cr. Balance, December 31, 2020               $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr.   $ Dr. Cr.             Prepare the journal entry for pension expense for 2020.  Account Titles and Explanation Debit Credit

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.