Citroen Company provides the following information about its defined benefit pension plan for the year 2018. Service cost $81,000 Contribution to the plan 98,000 Prior service cost amortization 11,500 Actual and expected return on plan assets 60,000 Benefits paid 51,000 Plan assets at January 1, 2018 620,000 Projected benefit obligation at January 1, 2018 670,000 Accumulated OCI (PSC) at January 1, 2018 125,000 Interest/discount (settlement) rate 8%. 

a. Prepare a pension worksheet inserting January 1, 2018, balances, showing December 31, 2018. (Please use the provided spreadsheet) 

b. Prepare the journal entry recording pension expense.

 

CITROEN COMPANY Pension Worksheet -- 2018 General Journal Entries Memo Record OCI - Prior Pension Asset/ Projected Benefit Liability Annual Pension Items Expense Cash Service Cost Obligation Plan Assets Balance, Jan. 1, 2018 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2018 Accum OCI, 12/31/17 Balance, Dec. 31, 2018