Brief Exercise 20-3

At January 1, 2017, Concord Company had plan assets of $262,700 and a projected benefit obligation of the same amount. During 2017, service cost was $26,600, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $19,700, and benefits paid were $17,400. Prepare a pension worksheet for Concord Company for 2017.

Items Service cost Interest cost Actual return Contributions Benefits Journal entry 12/31/17 s Pension Expense CONCORD COMPANY General Journal Entries Pension Cash Asset/Liability