Question

Scottsdale Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan.

Plan assets	$480,000
Projected benefit obligation	625,000
Accumulated OCI (PSC)	100,000 Dr.
Accumulated OCI (Gain/Loss)	85,000 Cr.

As a result of the operation of the plan during 2017, the following additional data are provided by the actuary:

Service cost for 2017	$90,000
Settlement rate	9%
Actual return on plan assets in 2017	57,000
Expected return on plan assets	10%
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions	76,000
Contributions in 2017	99,000
Benefits paid retirees in 2017	85,000
Avg. remaining service life (all employees)	12 years

Fill the worksheets below:

1. Prepare the journal entry using the spreadsheet to record pension expense in 2017.
2. What is the amount of deferred pension gain or loss that the company will carry forward to 2018?

Please include explanation/calculations. Thank you.

Obligations OCI Balance, Jan. 1, 2017 Service cost Interest cost Actual Return Expected Return Amortization of PSC Benefits Liability increase Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 Income Statement Balance Sheet Amounts Amounts

Answer 1

Ansiue etaube tolhs ptan pcmsion 0 4o 60) S3 7000 ToDo 6 000 하수50) ,引,201

pension ㄒㄧ子1.6ms 000 62S000 D 000 e survice Cost b c0o 56 25 51000 TDOD h000 EY 6000 pected lessニ67200-590