Exercise 20-23

Pearl Co. provides the following information about its post-retirement benefit plan for the year 2017.

Exercise 20-23 Pearl Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost $81,500 Prior service cost amortization 2,800 Contribution to the plan 53,900 Actual and expected return on plan assets 63,300 Benefits paid 36,100 Plan assets at January 1, 2017 697,000 Accumulated postretirement benefit obligation at January 1, 2017 751,600 Accumulated OCI (PSC) at January 1, 2017 98,300 Dr. Discount rate 9% 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.) PEARL CO. Postretirement Benefit Worksheet2017 General Journal Entries Items Annual Postretireme nt Expense Cash OCIPrior Service Cost Postretireme nt Asset/ Liability APBO Plan Assets $ $ $ $ $ $ $ $ Balance , Jan. 1, 2017 Service cost Interest cost Actual return Contrib utions Benefits Amortiz ation of PSC Journal entry for 2017 Accumu lated Memo Record OCI, Dec. 31, 2016 Balance , Dec. 31, 2017 $ $ $ $