Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 20-7 The following defined pension data of Wildhorse 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 Wildhorse 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, Wildhorse Corp., through plan amendment, $518,000 504,000 14,000 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 117,000 9% 60,400 69,200 54,800 37,300 17,000 For 2017, prepare a pension worksheet for Wildhorse Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WILDHORSE CORP Pension Worksheet-2017 eneral Journal Entries Memo Record 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 Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 Click if you would like to Show Work for this question: Open Show Work Exercise 20-7 The following defined pension data of Wildhorse 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, Wildhorse Corp., through plan amendment, $518,000 504,000 14,000 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 117,000 9% 60,400 69,200 54,800 37,300 17,000 For 2017, prepare a pension worksheet for Wildhorse Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WILDHORSE CORP Pension Worksheet-2017 eneral Journal Entries Memo Record 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 Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 Click if you would like to Show Work for this question: Open Show Work
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