Exercise 20-7

The following defined pension data of Cullumber Corp. apply to the year 2017.

Projected benefit obligation, 1/1/17 (before amendment)		$612,000
Plan assets, 1/1/17		598,000
Pension liability		14,000
On January 1, 2017, Cullumber Corp., through plan amendment, grants prior service benefits having a present value of		122,000
Settlement rate		9	%
Service cost		62,900
Contributions (funding)		63,900
Actual (expected) return on plan assets		56,700
Benefits paid to retirees		38,600
Prior service cost amortization for 2017		16,000

For 2017, prepare a pension worksheet for Cullumber Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)

CULLUMBER CORP Pension Worksheet-2017 General Journal Entries Memo Record Pension Annual Pension Expense OCI-Prior Service Cost Asset/ Liability Projected Benefit Obligation Plan Assets Items Cash Balance, Dec. 31, 2016 Prior service cost Balance, Jan. 1, 2017 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits ournal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017