Question
Exercise 20-3 Vaughn Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,000 Contribution to the plan
Exercise 20-3 Vaughn Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,000 Contribution to the plan 106,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,200 Benefits paid 40,500 Plan assets at January 1, 2017 633,900 Projected benefit obligation at January 1, 2017 701,600 Accumulated OCI (PSC) at January 1, 2017 149,900 Interest/discount (settlement) rate 9 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017.
prepare journal entries too
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