1. XYZ Company sponsors a defined benefit pension plan for its employees. On 1/1/17, the following balances relate to this plan:

Plan assets	480,000
Projected Benefit Obligation	600,000
Penson asset/liability	120,000
Accumulated Other Comprehensive Income (AOCI) - Prior Service Costs	100,000	Debit Bal.

As a result of the operation of the Plan during 2017, the following additional data was provided by the actuary:

Service cost	90,000
Settlement rate	9%
Actual return on plan assets	55,000
Amortization of prior service cost	19,000
Expected return on plan assets	52,000
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions	76,000
Contributions	99,000
Benefits paid to retirees	85,000

Prepare a pension worksheet with the following columns headers:

Annual Pension Expense

Cash

Prior Service Cost (PSC) an OCI item

Gain/Loss an OCI item

Pension Asset/Liability

Memo Record Projected Benefit Obligation

Memo Record Plan Assets at Fair Value