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Exercise 20-7 The following defined pension data of Pina 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 Pina 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, Pina Corp., through plan amendment, $525,000 512,200 12,800 129,000 grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 9% 56,700 69,200 49,800 40,300 15,900 For 2017, prepare a pension worksheet for Pina Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) PINA CORP Pension Worksheet-2017 eneral Journal Entri Memo Reco Annual Pension Expense OCI-Prior Service Cost Pension 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
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