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The following facts apply to the pension plan of Bramble Inc. for the year 2017. Plan assets, January 1, 2017 $536,500 Projected benefit obligation, January
The following facts apply to the pension plan of Bramble Inc. for the year 2017.
Plan assets, January 1, 2017 | $536,500 | ||
Projected benefit obligation, January 1, 2017 | 536,500 | ||
Settlement rate | 8 | % | |
Service cost | 40,900 | ||
Contributions (funding) | 23,200 | ||
Actual and expected return on plan assets | 53,600 | ||
Benefits paid to retirees | 36,500 |
Using the praceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts (Enter all amountsas positive.) Pension Worksheet-2017 rnel Entriesvension Asset/ Annual Pension Expense Pension Asset rojected Benefit plan Items Cash Liability Obligation Balarce, January 1, 2017 Service cast Interest cost Actual return Contribut Denefilts ournal entry, December 31 utions Dalance, December 31, 2017
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