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Exercise 20-23 Coronado Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost $92,700 Prior service cost amortization 3,000
| Exercise 20-23 | ||||||||||||||
| Coronado 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.) | ||||||||||||||
| Crane Company | ||||||||||||||
| Pension Worksheet - 2017 | ||||||||||||||
| General Journal Entries | Memo Record | |||||||||||||
| Items | Annual Postretirement Expense | Cash | DR/CR | OCI Prior Service Cost | DR/CR | Postretirement Asset/Liability | DR/CR | APBO | DR/CR | Plan Assets | DR/CR | |||
| Balance, Jan. 1, 2017 | ||||||||||||||
| Service cost | ||||||||||||||
| Interst cost | ||||||||||||||
| Actual return | ||||||||||||||
| Contributions | ||||||||||||||
| Benefits | ||||||||||||||
| Amorization of PSC | ||||||||||||||
| Journal Entry for 2017 | ||||||||||||||
| Accumulated OCI, Dec. 3, 2016 | ||||||||||||||
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Auditing Concepts For A Changing Environment With IDEA Software
Authors: Larry E. Rittenberg, Bradley J. Schwieger
4th Edition
0387321500, 978-0324180237
