Driscoll Corporation sponsors a defined-benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan

Plan Assets (Fair Value) $2,750,000

Projected Benefit Obligation 4,000,000

Prior Service Cost 300,000

As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017.

Service Cost 500,000

Actual Return on Plan Assets 250,000

Annual Contribution to plan 920,000

Amortization of prior service cost 125,000

Benefits paid to retirees 60,000

Settlement Rate 10%

The accumulated benefit obligation at 12-31-2017 amounted to $3,250,000

Instructions

1. Using the above information for Driscoll Corp, complete the pension work sheet for 2017. Indicate (credit) entries by parentheses. Calculated amounts should be supported
2. Prepare the journal entry to reflect the accounting for the companys pension plan for the year ending 12-31-2017

Driscoll Corporation Pension Work Sheet-2017 General Journal Entries Memo Entries Annual Pension Expense Cash PSC Loss Liability Obligation Assets OCI Pension Projected Gain Asset/ Benefit Plan Bal., Dec. 31, 2016 Service Cost Interest Cost Actual return Unexpected gain/loss Amortization of PSC Contributions Benefits Gainloss amort Journal entry for 2017