Homework Answers
Answer-
(a) Completed worksheet
|
General Journal Entries |
Memo Record |
||||||
|
Annual Pension Expense |
Cash |
OCI—Prior Service Cost |
OCI—Gain/ Loss |
Pension Asset or liability |
Project . Benefit Obligation |
Plan Assets |
|
|
Balance, Jan. 1, 2017 |
1,474 Cr. |
3,752 Cr. |
2,278 Dr. |
||||
|
Service cost |
670 Dr. |
670 Cr. |
|||||
|
Interest cost |
375 Dr. |
375 Cr. |
|||||
|
Actual return |
295 Cr. |
295 Dr. |
|||||
|
Unexpected gain |
201 Dr. |
201 Cr. |
|||||
|
Amortization of PSC |
74 Dr. |
74 Cr. |
|||||
|
Contributions |
1,072 Cr. |
1,072 Dr. |
|||||
|
Benefits |
268 Dr. |
268 Cr. |
|||||
|
Liability increase |
|
|
|
489 Dr. |
489 Cr. |
||
|
Journal entry |
1,025 Dr. |
1,072 Cr. |
74 Cr. |
288 Dr. |
167 Cr. |
||
|
Accumulated OCI, Dec. 31, 2016 |
1,474 Dr. |
0 |
|
|
|
||
|
Balance, Dec. 31, 2017 |
1,400 Dr. |
288 Dr. |
1,641 Cr. |
5,018 Cr. |
3,377 Dr. |
||
(b) Pension Expense............................................................................................ 1,025
Other Comprehensive Income (G/L).......................................................... 288
Pension Asset/Liability........................................................................... 167
Cash........................................................................................................... 1,072
Other Comprehensive Income (PSC)................................................ 74
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