Question
Exercise 20-7 The following defined pension data of Wildhorse Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $616,000 Plan assets, 1/1/17
Exercise 20-7
The following defined pension data of Wildhorse Corp. apply to the year 2017.
Projected benefit obligation, 1/1/17 (before amendment) $616,000 Plan assets, 1/1/17 601,600 Pension liability 14,400 On January 1, 2017, Wildhorse Corp., through plan amendment, grants prior service benefits having a present value of 126,000 Settlement rate 9 % Service cost 61,500 Contributions (funding) 61,000 Actual (expected) return on plan assets 54,800 Benefits paid to retirees 42,700 Prior service cost amortization for 2017 15,600
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 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 $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. Prior service cost Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Balance, Jan. 1, 2017 Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Service cost Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Interest cost Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Actual return Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Amortization of PSC Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Contributions Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Benefits Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Journal entry for 2017 $ Dr. Cr. $ Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Accumulated OCI, Dec. 31, 2016 Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Balance, Dec. 31, 2017 $ Dr. Cr. $ Dr. Cr. $ Dr. Cr. $ Dr. Cr.
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