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Based on Exercise 20-3 AyayaiCompany provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,200 Contribution to the
Based on Exercise 20-3
AyayaiCompany provides the following information about its defined benefit pension plan for the year 2017.
Service cost
$91,200
Contribution to the plan
104,700
Prior service cost amortization
9,800
Actual and expected return on plan assets
62,800
Benefits paid
40,500
Plan assets at January 1, 2017
632,600
Projected benefit obligation at January 1, 2017
686,700
Accumulated OCI (PSC) at January 1, 2017
152,100
Interest/discount (settlement) rate
9
%
Requirements:
- Using Excel prepare a pension worksheet inserting January 1, 2017, balances, and then showing December 31, 2017.Prepare the worksheet in good form based on examples in chapter 20 and chapter 20 exercises.
- Prepare the journal entry to record pension expense.
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