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Bridgeport Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $202,300; projected benefit
Bridgeport Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $202,300; projected benefit obligation $252,000. Other data relating to 3 years' operation of the plan are as follows. 2016 2018 $26,200 10 % Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/17) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2018, projected benefit obligation of: $16,000 10 % 18,200 16,000 13,900 2017 $19,300 10 % 22,260 40,100 16,000 163,000 53,700 24,500 48,200 21,000 41,600 512,100 BRIDGEPORT COMPANY Pension Worksheet-2016, 2017, 2018 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Loss Annual Pension Expense Memo Record Projected Benefit Obligation Cash Pension Asset/ Liability Plan Assets Balance, Jan. 1, 2016 $ $ Service cost + Interest cost Actual return Unexpected loss Contributions + Benefits + 4. + Journal entry for 2016 $ Accumulated OCI, Dec. 31, 2015 + + Balance, Dec. 31, 2016 $ + Additional PSC, 1/1/2017 4. 4. Balance, Jan. 1, 2017 + 4 Service cost Interest cost Actual return Amortization of PSC + 4 Contributions Benefits + + Journal entry for 2017 + 10 Accumulated OCI, Dec. 31, 2016 + 4. + Balance, Dec. 31, 2017 $ + Service cost 4 Interest cost Actual return Unexpected loss Amortization of PSC + ......... Contributions Benefits + Liability gain Journal entry for 2018 Accumulated OCI, Dec. 31, 2017 ... + Balance, Dec. 31, 2018 +
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