Illustration: On January 1, 2017, Sheffield Company provides the following information related to its pension plan for the year 2017. Annual service cost is $91,700 Funding contributions are $104,300 Prior Service Cost Amortization is 10,800 Actual return on plan assets is $65,300 Benefits paid to retirees during the year are $39,700. Plan assets, January 1, 2017, are $633,400 Projected benefit obligation, January 1, 2017, is $711,600. Accumulated OCI (PSC) at Jan 1, 2017 is 148,000 Settlement rate is 10 percent. Instructions:

(1) Prepare the pension worksheet for 2017.

(2) Prepare the journal entries as of 12/31/17