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I need help ASAP Please. Thank you in Advance :) Exercise 20-10 Ayayai Corp. sponsors a defined benefit pension plan for its employees. On January
I need help ASAP Please. Thank you in Advance :)
Exercise 20-10 Ayayai Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $496,400 610,800 114,400 98,000Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, 90,900 54,700 18,300 51,600 due to change in actuarial predictions Contributions Benefits paid retirees 76,600 103,700 85,200 Using the data above, compute pension expense for Ayayai Corp. for the year 2017 by preparing a pension worksheet. (Enter all amounts as positive) AYAYAI CORP Pension Worksheet eneral Journal Entries Annual Pension Expense OCI-Prior Service Cost oCI Gain/ Loss Pension Asse Liability Projected Benefit Plan Assets Cash Obligation Items Balance, Jan. 1, 2017 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Liability increase Contributions Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, December 31, 2017 Prepare the journal entry for pension expense for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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