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Please provide me with the correct answer to this question Sage Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017,
Please provide me with the correct answer to this question
Sage 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) $483,600 574,300 90,700 101,400 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. $93,300 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, due to change in actuarial predictions Contributions Benefits paid retirees 56,300 18,200 53,200 76,200 96,100 84,300 Using the data above, compute pension expense for Sage Corp. for the year 2017 by preparing a pension worksheet. (Enter all amounts as positive.) SAGE CORP. Pension Worksheet General Journal Entries OCI-Prior OCI- Gain/ Service Cost LOSS Annual Pension Expense Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets Items Cash 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 Sage 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) $483,600 574,300 90,700 101,400 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. $93,300 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, due to change in actuarial predictions Contributions Benefits paid retirees 56,300 18,200 53,200 76,200 96,100 84,300 Using the data above, compute pension expense for Sage Corp. for the year 2017 by preparing a pension worksheet. (Enter all amounts as positive.) SAGE CORP. Pension Worksheet General Journal Entries OCI-Prior OCI- Gain/ Service Cost LOSS Annual Pension Expense Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets Items Cash 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, 2017Step by Step Solution
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