Exercise 20-3 (Part Level Submission)

Sunland Company provides the following information about its defined benefit pension plan for the year 2017.

Service cost		$91,300
Contribution to the plan		102,900
Prior service cost amortization		9,500
Actual and expected return on plan assets		64,800
Benefits paid		39,400
Plan assets at January 1, 2017		648,700
Projected benefit obligation at January 1, 2017		694,400
Accumulated OCI (PSC) at January 1, 2017		150,900
Interest/discount (settlement) rate		9	%

(a)

Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017. (Enter all amounts as positive.)

SUNLAND 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

$

Dr.Cr.

$

Dr.Cr.

$

Dr.Cr.

$

Dr.Cr.

$

Dr.Cr.

$

Dr.Cr.

Service cost

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Interest cost

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Actual return

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Amortization of PSC

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Contributions

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Benefits

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Journal entry for 2017

$

Dr.Cr.

$

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Accumulated OCI, Dec. 31, 2016

Dr.Cr.

Dr.Cr.

Dr.Cr.

Dr.Cr.

Balance, Dec. 31, 2017

$

Dr.Cr.

$

Dr.Cr.

$

Dr.Cr.

$

Dr.Cr.