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the dropdowns designate dr/cr The accounting staff of Blossom Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable.
the dropdowns designate dr/cr
The accounting staff of Blossom Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2017. Determine the missing amounts in the 2017 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet-Blossom Inc. General Journal Entries Memo Record Projected Benefit Plan Obligation Assets Annual Pension Expense Cash OCI-Prior Service Cost OCI-Gain/ LOSS Pension Asset/ Liability Balance, Jan. 1, 2017 $1,584 Cr. $2,448 Service cost $4,032 7209 4039 Interest cost Actual return 317 Unexpected gain 216 Amortization of PSC $79 Contributions $1,152 1,152 288 Benefits 288 Liability increase 526 Journal entry 1,584 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 ssi $1,505 $310 51,764 $1,764 $5,393 $3,629 Prepare the journal entry to record 2017 pension expense for Blossom Inc. (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 o for the amounts.) Account Titles and Explanation Debit CreditStep by Step Solution
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