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Sandhill Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,300 Contribution to the plan 106,300 Prior

Sandhill Company provides the following information about its defined benefit pension plan for the year 2017.

Service cost $89,300
Contribution to the plan 106,300
Prior service cost amortization 9,100
Actual and expected return on plan assets 65,200
Benefits paid 40,200
Plan assets at January 1, 2017 634,600
Projected benefit obligation at January 1, 2017 697,200
Accumulated OCI (PSC) at January 1, 2017 151,800
Interest/discount (settlement) rate

10

%

Prepare the pension worksheet below inserting January 1, 2017, balances, showing December 31, 2017 and Prepare the journal entry recording pension expense.

image text in transcribed

SANDHILL COMPANY Pension Worksheet-2017 General Journal Entries emo Record Annual Pension Expense OCI Prior Service Cost Pension Asset,/ Liability Projected Benefit Obligation Plan Assets Items Balance, January 1, 2017 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Cash Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017

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