Exercise 20-23

Cheyenne Co. provides the following information about its postretirement benefit plan for the year 2017.

Service cost $ 92,700 Prior service cost amortization 3,000 Contribution to the plan 50,600 Actual and expected return on plan assets 64,500 Benefits paid 37,100 Plan assets at January 1, 2017 719,300 Accumulated postretirement benefit obligation at January 1, 2017 745,800 Accumulated OCI (PSC) at January 1, 2017 92,900 Dr. Discount rate 8 %

Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)

CHEYENNE CO. Postretirement Benefit Worksheet2017 General Journal Entries Memo Record Items Annual Postretirement Expense Cash OCIPrior Service Cost Postretirement Asset/ Liability APBO Plan Assets Balance, Jan. 1, 2017 $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. Service cost Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Interest cost Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Actual return Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Contributions Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Benefits Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Amortization of PSC Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Journal entry for 2017 $ Dr. Cr. $ Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Accumulated OCI, Dec. 31, 2016 Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Balance, Dec. 31, 2017 $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr.

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