Question
E20-14 (LO1,2,4) (Worksheet for E20-13) Using the information in E20-13 about Erickson Companys defined benefit pension plan, prepare a 2017 pension worksheet with supplementary schedules
E20-14 (LO1,2,4) (Worksheet for E20-13) Using the information in E20-13 about Erickson Companys defined benefit pension plan, prepare a 2017 pension worksheet with supplementary schedules of computations. Prepare the journal entries at December 31, 2017, to record pension expense and related pension transactions. Also, indicate the pension amounts reported in the balance sheet. January 1, 2017 December 31, 2017 Vested benefit obligation $1,500 $1,900 Accumulated benefit obligation 1,900 2,730 Projected benefit obligation 2,500 3,300 Plan assets (fair value) 1,700 2,620 Settlement rate and expected rate of return 10% Pension asset/liability 800 ? Service cost for the year 2017 400 Contributions (funding in 2017) 700 Benefits paid in 2017 200
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