Exercise 20-4

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

Plan assets, January 1, 2017		$510,700
Projected benefit obligation, January 1, 2017		510,700
Settlement rate		8	%
Service cost		37,200
Contributions (funding)		25,400
Actual and expected return on plan assets		45,100
Benefits paid to retirees		31,100

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 emo Record Annual Pension Expense Pension Asset Liability Projected Benefit Obligation Plan Assets Items Balance, January 1, 2017 Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2017 Cash s