|  Exercise 20-18
The accounting staff of Ivanhoe Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2017. | | | |
| | Determine the missing amounts in the 2017 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) | Pension WorksheetIvanhoe Inc. | | | | General Journal Entries | | | Memo Record | | | | Annual Pension Expense | | Cash | | OCIPrior Service Cost | | OCIGain/ Loss | | Pension Asset/ Liability | | | Projected Benefit Obligation | | Plan Assets | | Balance, Jan. 1, 2017 | | | | | | | | | | | | | | $1,364 | Cr. | | | $3,472 | Dr.Cr. | | $2,108 | Dr.Cr. | | Service cost | | $ | Dr.Cr. | | | | | | | | | | | | | | | 620 | Dr.Cr. | | | | | Interest cost | | | Dr.Cr. | | | | | | | | | | | | | | | 347 | Dr.Cr. | | | | | Actual return | | | Dr.Cr. | | | | | | | | | | | | | | | | | | 273 | Dr.Cr. | | Unexpected gain | | 186 | Dr.Cr. | | | | | | | | $ | Dr.Cr. | | | | | | | | | | | | Amortization of PSC | | | Dr.Cr. | | | | | $68 | Dr.Cr. | | | | | | | | | | | | | | | Contributions | | | | | $992 | Dr.Cr. | | | | | | | | | | | | | | | 992 | Dr.Cr. | | Benefits | | | | | | | | | | | | | | | | | | 248 | Dr.Cr. | | 248 | Dr.Cr. | | Liability increase | | | | | | | | | | | | Dr.Cr. | | | | | | 453 | Dr.Cr. | | | | | Journal entry | | $ | Dr.Cr. | | $ | Dr.Cr. | | | Dr.Cr. | | | Dr.Cr. | | | Dr.Cr. | | | | | | | | | Accumulated OCI, Dec. 31, 2016 | | | | | | | | 1,364 | Dr.Cr. | | 0 | | | | | | | | | | | | | Balance, Dec. 31, 2017 | | | | | | | | $1,296 | Dr.Cr. | | $267 | Dr.Cr. | | $1,519 | Dr.Cr. | | | $4,644 | Dr.Cr. | | $3,125 | Dr.Cr. | | | |
*Exercise 20-18 The accounting staff of Ivanhoe Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for Determine the missing amounts in the 2017 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet-Ivanhoe Inc. General Journal Entries OCI-Prior OCI-Gain/ Service Cost Loss Annual Pension Expense Memo Record Projected Benefit Plan Obligation Assets Pension Asset/ Liability Cash Balance, Jan. 1, 2017 $1,364 Cr. $3,472 $2,105 Service cost 620 Interest cost 347 Actual return 273 Unexpected gain 196 Amortization of PSC $68 Contributions $992 Benefits Liability increase 453 Journal entry Accumulated OCI, Dec 31, 2015 1,364 Balance, Dec 31, 2017 $1.296 196 $267 $267 $1,519 $4,6447 $3,1257 Prepare the journal entry to record 2017 pension expense for Ivanhoe Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit
