Question

Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a projected benefit obligation of the same amount. During 2017, service cost was $28,100, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,800, and benefits paid were $17,100 Prepare a pension worksheet for Marin Company for 2017 MARIN COMPANY General Journal Entries emo Recor Pension Expense Pension Asset/Liability Projected Benefit obligation Plan Assets Items Cash Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/17 $ Balance, 12/31/17 LINK TO TEXT

Answer 1

Answer :-

	journal entries			Memo record
Items	Pension expense	Cash	Pension Asset/ Liability	Projected benefit obligation	Plan assets
1/1/17				(279,200)	279,200
Service cost	28,100			(28,100)
Interest cost	25,200			(25,200)
Actual return	27,920				27,920
Contributions		20,800			20,800
Benefits				17,100	(17,100)
Journal entry, 12/31/17	25,380	20,800	(4580)
Balance, 12/31/17			(4580)	-315,400	310,820