Larkspur Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $200,100; projected benefit obligation $246,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/17) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2018, projected benefit obligation of: 2016 $16,100 10% 17,700 16,100 14,200 2017 $19,400 10% 21,970 39,600 16,100 158,200 53,600 2018 $25,800 10 % 24,500 48,900 20,600 41,400 524,000 Your answer is partially correct. Try again. Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) LARKSPUR COMPANY Pension Worksheet-2016, 2017, 2018 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Annual Pension Expense Pension Asset/ Liability Memo Record Projected Benefit Obligation Plan Assets Balance, Jan. 1, 2016 45900T Cr. 246000T Cr. 200100) Dr. o Service cost 161007 Dr. + 16100 Cr. Interest cost 24600 Cr. 24600] Dr. 17700C Actual return 17700 Dr. Unexpected loss 09 2310 | Dr. // Contributions 161001 Dr. 142001 C. Benefits T 42001 Dr. T RE Accumulated ULI, Dec. 31, 2015 Balance, Dec 31, 2016 2197007 Dr. Additional PSC, 1/1/2017 Balance, Jan. 1, 2017 Service cost 19400 Dr. 9 43070 Dr. 21970 Cr. 536001 Dr. PREPARER Interest cost | Actual retum 1 21970 Dr. | Amortization of PSC T Contributions 39600 | Dr. Benefits 16100 Cr 6 1, COD00000008, 10000 Joumal entry for 2017 941001 Dr. 396001 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 265170 DE Service cost Interest cost Actual return 258007 Dr. 47707 Dr. 24,500 Cro 20177 C. 41,400 DE 24,500 Dr. Unexpected loss 1 T Amortization of PSC Service cost O Interest cost 12580 Cr I I 47707 Cr. I L AT 24,5001 Dr Actual return 25800Dr 477071 Dr. 9 24,5001 Cr 2 2017 Cri 41,400T Dr. T T Unexpected loss Amortization of PSC T. i T 48,900 o Cr. Contributions T 48.900 Dr. AUS OOO QUUUUUUU Benefits for at Cr. Liability gain Joumal entry for 2018 1 883901 Dr. 48900 Cr 1 414001 Accumulated OCI, Dec. 31, 2017 Balance, Dec. 31, 2018 41400 309807 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2016 Pension Expense 2069 Other Comprehensive Income (G/L) 2310 T Cash 16100 Pension Asset/Liability 6900 Dec. 31, 2017 Pension Expense 94100 Other Comprehensive Income (PSC) T Cash 39600 Pension Asset/Liability 159100 Dec. 31, 2018 Pension Expense 88390 IL Pension Asset/Liability 309807 Other Comprehensive Income (G/L) Other Comprehensive Income (PSC) 41400 | Cash 48900 SHOW LIST OF ACCOUNTS Larkspur Company Partial Income Statement For the Year Ended December 31, 2018 - Expenses Pension Expense $ 88390 Larkspur Company Comprehensive Income Statement For the Year Ended December 31, 2018 Net Income / (Loss) $XXXX Other Comprehensive Income (Loss) A Asset Gain (Loss) 2017! XX Liability Gain (Loss) Prior Service Cost Amortization 41400 T Comprehensive Income (Loss) | $XXXX Larkspur Company Partial Balance Sheet December 31, 2018 Liabilities Pension Liability 309807 T Stockholders' Equity T Accumulated Other Comprehensive Loss (PSC) 65000 Larkspur Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $200,100; projected benefit obligation $246,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/17) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2018, projected benefit obligation of: 2016 $16,100 10% 17,700 16,100 14,200 2017 $19,400 10% 21,970 39,600 16,100 158,200 53,600 2018 $25,800 10 % 24,500 48,900 20,600 41,400 524,000 Your answer is partially correct. Try again. Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) LARKSPUR COMPANY Pension Worksheet-2016, 2017, 2018 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Annual Pension Expense Pension Asset/ Liability Memo Record Projected Benefit Obligation Plan Assets Balance, Jan. 1, 2016 45900T Cr. 246000T Cr. 200100) Dr. o Service cost 161007 Dr. + 16100 Cr. Interest cost 24600 Cr. 24600] Dr. 17700C Actual return 17700 Dr. Unexpected loss 09 2310 | Dr. // Contributions 161001 Dr. 142001 C. Benefits T 42001 Dr. T RE Accumulated ULI, Dec. 31, 2015 Balance, Dec 31, 2016 2197007 Dr. Additional PSC, 1/1/2017 Balance, Jan. 1, 2017 Service cost 19400 Dr. 9 43070 Dr. 21970 Cr. 536001 Dr. PREPARER Interest cost | Actual retum 1 21970 Dr. | Amortization of PSC T Contributions 39600 | Dr. Benefits 16100 Cr 6 1, COD00000008, 10000 Joumal entry for 2017 941001 Dr. 396001 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 265170 DE Service cost Interest cost Actual return 258007 Dr. 47707 Dr. 24,500 Cro 20177 C. 41,400 DE 24,500 Dr. Unexpected loss 1 T Amortization of PSC Service cost O Interest cost 12580 Cr I I 47707 Cr. I L AT 24,5001 Dr Actual return 25800Dr 477071 Dr. 9 24,5001 Cr 2 2017 Cri 41,400T Dr. T T Unexpected loss Amortization of PSC T. i T 48,900 o Cr. Contributions T 48.900 Dr. AUS OOO QUUUUUUU Benefits for at Cr. Liability gain Joumal entry for 2018 1 883901 Dr. 48900 Cr 1 414001 Accumulated OCI, Dec. 31, 2017 Balance, Dec. 31, 2018 41400 309807 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2016 Pension Expense 2069 Other Comprehensive Income (G/L) 2310 T Cash 16100 Pension Asset/Liability 6900 Dec. 31, 2017 Pension Expense 94100 Other Comprehensive Income (PSC) T Cash 39600 Pension Asset/Liability 159100 Dec. 31, 2018 Pension Expense 88390 IL Pension Asset/Liability 309807 Other Comprehensive Income (G/L) Other Comprehensive Income (PSC) 41400 | Cash 48900 SHOW LIST OF ACCOUNTS Larkspur Company Partial Income Statement For the Year Ended December 31, 2018 - Expenses Pension Expense $ 88390 Larkspur Company Comprehensive Income Statement For the Year Ended December 31, 2018 Net Income / (Loss) $XXXX Other Comprehensive Income (Loss) A Asset Gain (Loss) 2017! XX Liability Gain (Loss) Prior Service Cost Amortization 41400 T Comprehensive Income (Loss) | $XXXX Larkspur Company Partial Balance Sheet December 31, 2018 Liabilities Pension Liability 309807 T Stockholders' Equity T Accumulated Other Comprehensive Loss (PSC) 65000