Exercise 20-23 Ivanhoe 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.) IVANHOE 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 $ $ $ $ $ $ Service cost Interest cost Actual return Contributions Benefits Amortization of PSC Journal entry for 2017 $ $ Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 $ $ $ $ Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Link to Text Monty Inc. provides the following information related to its postretirement benefits for the year 2017. Accumulated postretirement benefit obligation at January 1, 2017 $725,900 Actual and expected return on plan assets 31,000 Prior service cost amortization 20,300 Discount rate 9 % Service cost 87,400 Compute postretirement benefit expense for 2017. Postretirement benefit expense $ Exercise 20-3 (Part Level Submission) Culver Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,400 Contribution to the plan 105,700 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,500 Benefits paid 40,200 Plan assets at January 1, 2017 640,200 Projected benefit obligation at January 1, 2017 710,100 Accumulated OCI (PSC) at January 1, 2017 152,200 Interest/discount (settlement) rate 10 % Don't show me this message again for the assignment (a) Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017. (Enter all amounts as positive.) CULVER COMPANY Pension Worksheet2017 General Journal Entries Memo Record Items Annual Pension Expense Cash OCI Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, January 1, 2017 $ $ $ $ $ $ Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2017 $ $ Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 $ $ $ $ Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,590,000; benefits paid during the period $1,300,000; contributions made during the period $950,000; and fair value of the plan assets at the end of the period $10,140,000. Actual return on plan assets $