b) Prepare the journal entry or entries to record pension expense and the employers contribution to the pension trustee in 2017.

Pension Expense...................................................................

Pension Asset /Liability..............................................

_______Cash......................................................................

_______Other Comprehensive Income (PSC).....................

c) Indicate the amounts that would be reported on the income statement and the balance sheet for the year 2017.

Income Statement

Pension expense.....................................................................

Comprehensive Income Statement

Net income.......................................................................................... XXXX

Other comprehensive income

Amortization of PSC.......................................................................

Comprehensive income................................................................... XXXX

Balance Sheet

Liabilities

Pension liability........................................................................

*Projected benefit obligation

Plan assets

Pension liability $

Partial worksheet	Plan Assets		Projected Benefit Obligation
Bal. January 1, 2017
Service cost
Interest on PBO
Actual return
Contribution
Bal. December 31,2017

Stockholders equity

Accumulated OCI (PSC) Jan. 1, 2017

Amortization of prior service cost

Accumulated OCI (PSC) Dec. 31, 2017

Exercise 20-11 (Part Level Submission) Bramble Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,100 2. The company's funding policy requires a contribution to the pension trustee amounting to $144,590 for 2017 3. As of January 1, 2017, the company had a projected benefit obligation of $901,000, an accumulated benefit obligation of $807,400, and a debit balance of $397,700 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $605,700 at the beginning of the year. The actual and expected return on plan assets was $53,900. The settlement rate was 9%. No gains or losses occurred in 2017 and no benefits were paid. 4. Amortization of prior service cost was $50,500 in 2017. Amortization of net gain or loss was not required in 2017, Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense Service Cost Interest on Projected Benefit Obligation Expected Return on Plan Assets Amortization of Prior Service Cost Pension Expense