Riverbed Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 1 2. 3. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $73,000. The company's funding policy requires a contribution to the pension trustee amounting to $143,000 for 2017 As of January 1, 2017, the company had a projected benefit obligation of $1,615,000 and a debit balance of $412,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $1.267,000 at the beginning of the year. The actual and expected return on plan assets was $60,000. The settlement rate was 5%. No gains or losses occurred in 2017 and no benefits were paid. Amortization of prior service cost was $82,400 in 2017. Amortization of net gain or loss was not required in 2017 4. Determine the amounts of the components of pension expense that should be recognized by the company in 2017 Pension Expense $ eTextbook and Media List of Accounts Prepare the journal entry or entries to record pension expense and the employer's contribution to the pension trustee in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Indicate the amounts that would be reported on the income statement and the balance sheet for the year 2017 Income Statement Balance Sheet Riverbed Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 1 2. 3. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $73,000. The company's funding policy requires a contribution to the pension trustee amounting to $143,000 for 2017 As of January 1, 2017, the company had a projected benefit obligation of $1,615,000 and a debit balance of $412,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $1.267,000 at the beginning of the year. The actual and expected return on plan assets was $60,000. The settlement rate was 5%. No gains or losses occurred in 2017 and no benefits were paid. Amortization of prior service cost was $82,400 in 2017. Amortization of net gain or loss was not required in 2017 4. Determine the amounts of the components of pension expense that should be recognized by the company in 2017 Pension Expense $ eTextbook and Media List of Accounts Prepare the journal entry or entries to record pension expense and the employer's contribution to the pension trustee in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Indicate the amounts that would be reported on the income statement and the balance sheet for the year 2017 Income Statement Balance Sheet
