For questions 13-16, assume that XYZ Company took each of the following actions in preparation of its 2017 financial statements and no additional adjustments were made. What would be the effect of each event on the following accounts? Circle U/S for understate, O/S for overstate, or NE for no effect. Treat each item independently and ignore the effect of income taxes

13.XYZ Company incurred a large, unexpected loss on its plan assets during 2017. However, in its pension plan journal entry for 2017, XYZ Company did not account for this loss. Instead, the company only accounted for its expected return on plan assets. No other adjustments were made in 2017 or 2018, and the loss was still unaccounted for in 2018. Assume that XYZ Company has exceeded the OCI-G/L corridor in both 2017 and 2018. Show your work (all three steps) in the space provided.

a. Total assets at year-end 2017: U/S O/S N/E (circle one)

b. Total liabilities at year-end 2017: U/S O/S N/E (circle one)

c. Net income for the year 2017: U/S O/S N/E (circle one)

14. XYZ Company incurred a large, unexpected loss on its plan assets during 2017. However, in its pension plan journal entry for 2017, XYZ Company did not account for this loss. Instead, the company only accounted for its expected return on plan assets. No other adjustments were made in 2017 or 2018, and the loss was still unaccounted for in 2018. Assume that XYZ Company has exceeded the OCI-G/L corridor in both 2017 and 2018. Show your work (all three steps) in the space provided.

a. Total assets at year-end 2018: U/S O/S N/E (circle one)

b. Total liabilities at year-end 2018: U/S O/S N/E (circle one)

c. Net income for the year 2018: U/S O/S N/E (circle one)

15. XYZ Company initiated plan ammendments on 12/31/2016 that created $50,000 of prior service costs. However, the company failed to account for those prior service costs in 2016 or 2017. No other adjustments were made. Show your work (all three steps) in the space provided.

d. Total assets at year-end 2017: U/S O/S N/E (circle one)

e. Total liabilities at year-end 2017: U/S O/S N/E (circle one)

f. Net income for the year 2017: U/S O/S N/E (circle one)

16. Retirement checks amounting to $100,000 were paid to retirees during 2017. XYZ Company did not account for these payments. Show your work (all three steps) in the space provided.

d. Total assets at year-end 2017: U/S O/S N/E (circle one)

e. Total liabilities at year-end 2017: U/S O/S N/E (circle one)

f. Net income for the year 2017: U/S O/S N/E (circle one)