At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
Homework Answers
| ITEMS | PENSION EXPENSE | CASH | PENSION ASSETS/LIABILITIES | PROJECTED BENEFIT OBLIGATION | PLAN ASSETS |
| 1/1/17 | 303400 Cr | 303400 Dr | |||
| SERVICE COST | 26700 | 26700 | |||
| INTEREST COST | 30340 | 30340 | |||
| ACTUAL RETURN | 24500 | 24500 | |||
| CONTRIBUTIONS | 19700 | 19700 | |||
| BENEFITS | 16900 | 16900 | |||
| JOURNAL ENTRY (12/31/17) | 32540 | 19700 | 12840 | 377340 | 364500 |
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At January 1, 2017, Blue Company had plan assets of $303,400 and
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Exercise 20-4
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Exercise 20-4
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Plan assets, January 1, 2017
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Projected benefit obligation, January 1, 2017
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Settlement rate
8
%
Service cost
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Contributions (funding)
26,700
Actual and expected return on plan assets
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Benefits paid to retirees
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