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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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