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Exercise 20-14 (Part Level Submission) Ayayai Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan Vested benefit
Exercise 20-14 (Part Level Submission) Ayayai Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets(fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2017 Contributions (funding in 2017) Benefits paid in 2017 January 1, 2017 $1,480 1,870 2,500 1,690 December 31, 2017 $1,870 2,670 3,260 2,630 10% 810 400 690 200 (a1) Vour answer is partially correct. Try again. Prepare a 2017 pension worksheet. (Enter all amounts as positive.) AYAYAI COMPANY 2017 General Journal Entries emo Record Entries Annual Pension Expense oCI- Gain/ Loss Pension Asset/ Liability Projected Benefit obligation Plan Assets Items Cash 81 2500 Cr. 400 Cr. 250 Cr 1690 Dr. Balance, Jan. 1, 2017 400 Dr. Service cost 250 Dr. Interest cost Actual return Unexpected gain Contributions Benefits Dr. 200 Dr. 200 Cr. Liability increase Joumal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017
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