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Exercise 20-3 (Part Level Submission) Culver Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,800 Contribution
Exercise 20-3 (Part Level Submission)
Culver Company provides the following information about its defined benefit pension plan for the year 2017.
Service cost | $89,800 | ||
Contribution to the plan | 107,000 | ||
Prior service cost amortization | 10,700 | ||
Actual and expected return on plan assets | 65,200 | ||
Benefits paid | 40,100 | ||
Plan assets at January 1, 2017 | 647,500 | ||
Projected benefit obligation at January 1, 2017 | 707,800 | ||
Accumulated OCI (PSC) at January 1, 2017 | 147,500 | ||
Interest/discount (settlement) rate | 9 | % |
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017.
--------------------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 | ||||||
Contribution | ||||||
Benefits | ||||||
Journal Entry for 2017 | $ | $ | ||||
Accumulated OCI, Dec. 31, 2016 | ----------------- | ------- | ||||
Balance, Dec. 31, 2017 | ----------------- | ------- | $ | $ | $ | $ |
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