Question
The following defined pension data of Marin Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $575,000 Plan assets, 1/1/17 562,100 Pension
The following defined pension data of Marin Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $575,000 Plan assets, 1/1/17 562,100 Pension liability 12,900 On January 1, 2017, Marin Corp., through plan amendment, grants prior service benefits having a present value of 121,000 Settlement rate 8 % Service cost 57,800 Contributions (funding) 60,200 Actual (expected) return on plan assets 48,100 Benefits paid to retirees 40,000 Prior service cost amortization for 2017 16,300 For 2017, prepare a pension worksheet for Marin Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) MARIN CORP. Pension Worksheet2017 General Journal Entries Memo Record Items Annual Pension Expense Cash OCIPrior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, Dec. 31, 2016 $ $ $ $ $ $ Prior service cost Balance, Jan. 1, 2017 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2017 $ $ Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 $ $ $ $
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