Exercise 20-4

The following facts apply to the pension plan of Metlock Inc. for the year 2017.

Plan assets, January 1, 2017		$515,100
Projected benefit obligation, January 1, 2017		515,100
Settlement rate		8	%
Service cost		36,800
Contributions (funding)		26,700
Actual and expected return on plan assets		50,200
Benefits paid to retirees		36,700

Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. (Enter all amounts as positive.)

ORIOLE INC. Pension Worksheet-2017 General Journal Entries Pension Asset/ Cash Liability Annual Pension Expense Memo Record Projected Benefit Plan Obligation Assets Items Balance, January 1, 2017 Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 $ Balance, December 31, 2017