Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $67,260 36,480 31,920 58,140 30,780 25 years The pension worksheet for 2017 is presented below The pension worksheet for 2017 is presented below VAUGHN COMPANY Worksheet-2017 General Journal Entries emo Record Projected Annual Pension Expense OCI-Prior Service Cost OCI Pension Benefit Obligation Plan Items Cash Gain/Loss Asset/Liability $136,800 Cr. Assets Balance, Jan. 1, 2017 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Increase in PB0 ournal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 $370,500 Cr. $233,700 Dr $22,800 Dr. 29,640 Dr. 20,520 Cr 2,850 Cr 39,900 Dr 22,800 Cr 29,640 Cr 20,520 Dr $2,850 Dr. $39,900 Cr. $46,740 Cr. 46,740 Dr 17,100 Cr 17,100 Dr. 49,590 Cr 49,590 Dr $68,970 Dr. $46,740 Cr.39,900 Cr. 52,440 Dr 34,770 Cr. 91,200 Dr 0 $51,300 Dr. $52,440 Dr. $171,570 Cr. $455,430 Cr. $283,860 Dr For 2018, Vaughn will use the same assumptions as 2017 for the expected rate of returns on plan assets. The settlement rate for 2018 is 10% VAUGHN COMPANY Pension Worksheet-2018 Annual Pension Expense OCI-Prior Service Cost OCI- Gain/ Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets Items Cash Balance, Jan. 1, 2018 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of los:s Contributions Benefts Journal entry for 2018 Accumulated OCI, Dec. 31, 2017 Balance, Dec. 31, 2018 Calculate the amortization of the loss, if any, in 2018 using the corridor approach. (Round answers to 0 decimal places, e.g. 2,500.) Amortization of the loss Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31. when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accou Debit Credit Avefoluliili; ll.iitilky:; i.; liKil l; beE'kilit nijkoni Account Titles and Explanation "lit? Dec. 31, 2018 Indicate the pension amounts reported in the financial statements. (Round answe Vaughn Co. Income Statement (Partial) Vaughn Co. Comprehensive Income Statement