Question
At January 1, 2017, Pearl Company had plan assets of $303,000 and a projected benefit obligation of the same amount. During 2017, service cost was
At January 1, 2017, Pearl Company had plan assets of $303,000 and a projected benefit obligation of the same amount. During 2017, service cost was $27,100, the settlement rate was 10%, actual and expected return on plan assets were $25,700, contributions were $20,000, and benefits paid were $17,700.
Prepare a pension worksheet for Pearl Company for 2017. PEARL COMPANY General Journal Entries Memo Record Items Pension Expense Cash Pension Asset/Liability Projected Benefit Obligation Plan Assets 1/1/17 $ $ $ $ $ Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/17 $ $ Balance, 12/31/17 $ $ $
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