Question
Exercise 20-7 The following defined pension data of Bonita Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $562,000 Plan assets, 1/1/17
Exercise 20-7 The following defined pension data of Bonita Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $562,000 Plan assets, 1/1/17 548,700 Pension liability 13,300 On January 1, 2017, Bonita Corp., through plan amendment, grants prior service benefits having a present value of 112,000 Settlement rate 9 % Service cost 62,100 Contributions (funding) 69,300 Actual (expected) return on plan assets 49,400 Benefits paid to retirees 42,200 Prior service cost amortization for 2017 18,300 For 2017, prepare a pension worksheet for Bonita Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) BONITA CORP. Pension Worksheet2017 General Journal Entries Memo Record Items Annual Pension Expense Cash OCIPrior Service Cost Pension Asset/ Liability 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 $ $ $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started