Exercise 20-7

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

Projected benefit obligation, 1/1/17 (before amendment)		$538,000
Plan assets, 1/1/17		525,000
Pension liability		13,000
On January 1, 2017, Teal Corp., through plan amendment, grants prior service benefits having a present value of		119,000
Settlement rate		9	%
Service cost		62,100
Contributions (funding)		67,100
Actual (expected) return on plan assets		52,100
Benefits paid to retirees		42,000
Prior service cost amortization for 2017		18,600

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

TEAL 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