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Exercise 20-7 The following defined pension data of Ayayai Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension
Exercise 20-7 The following defined pension data of Ayayai Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Ayayai Corp., through plan amendment, grants prior service benefits having a present value of $569,000 556,100 12,900 120,000 Settlement rate 9 % Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 57,300 63,800 52,300 37,700 16,200 For 2017, prepare a pension worksheet for Ayayai Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) YAI CORP Pension Worksheet-2017 General Journal Entries Memo Record Annual Pension Expense OCI-Prior Service Cost Pension Asset/ Liability Items Cash Projected Benefit Obligation Plan Assets Balance, Dec. 31, 2016 $ $ $ $ Prior service cost Balance, Jan. 1, 2017 Service cost . Interest cost Actual return Amortization of PSC . Contributions . + + Benefits + . Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017
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