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1170 Chapter 20 Accounting for Pensions and Postretirement Benefits 2016 $16,000 2017 2018 $ 19,000 $ 26,000 Annual service cost 10% 10% 10% Settlement
1170 Chapter 20 Accounting for Pensions and Postretirement Benefits 2016 $16,000 2017 2018 $ 19,000 $ 26,000 Annual service cost 10% 10% 10% Settlement rate and expected rate of return 18,000 22,000 24,000 Actual return on plan assets. 16,000 40,000 48,000 Annual funding (contributions) 14,000 16,400 21,000 Benefits paid 160,000 Prior service cost (plan amended, 1/1/17) 54,400 41,600 Amortization of prior service cost Change in actuarial assumptions establishes 520,000 Instructions a December 31, 2018, projected benefit obligation of: (a) Prepare a pension worksheet presenting all 3 years' pension balances and activities. (b) Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (c) Indicate the pension-related amounts reported in the financial statements for 2018.
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