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On January 1, 2017, Teal Company has the following defined benefit pension plan balances. Projected benefit $4,585,000 Fair value of plan 4,191,000 The interest (settlement)
On January 1, 2017, Teal Company has the following defined benefit pension plan balances. Projected benefit $4,585,000 Fair value of plan 4,191,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of S 505,000 are created. Other data related to the pension plan are as follows. 178,000 Service cost $151,000 Prior service cost 0 92,000 Contributions (funding) to 245,000 the plan Benefits paid 204,000 Actual return on plan 284,000 274,000 250,000 260,000 Expected rate of return 696 8% Your answer is partially correct. Try again. Prepare a pension worksheet for the pension plan for 2017 and 2018. (Enter all amounts as positive.) Pension 17 and 2018 eneral Journal Entris-Gain/ Memo Record Annual Pension ocI-Prior OCI-Gain/ Pension Asset/ Projected Benefit Balance, Jan. 1, 2017 Service cost Intarest cost Actual retum 1510001 Cr 58500 Cr 151000 Dr. 250000 Dr. 2500001[cr. 2500001 Dr 245000|Dr 204000l Cr 245000 Cr. ] ] L | | .] 1 Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 204000 Dr :499050Crd 3595001 r 245000 ICr 114500l Cr. Dr. 508500| Cr.;}| e49905001 Cr, -448200011 Balance, Jan. 1, 2018 Service cost Interest cost Actual return
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