Question

Employer Journal entry for Defined Benefit Pension

The city of Stewart has a single-employer defined benefit pension plan to provide retiree pension benefits to its Electric Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. Assume that the actuary for the city of Stewart's Electric Utility Enterprise Fund measures its net pension liability on December 21, 2017, which is its fiscal year-end. The actuary provides the following additional information in its reporting package to the city of Stewart accounting department for its use in preparing the Electric Utility Enterprise Fund's December 31, 2019 financial statements.

Actuarial Provided Account Info	Fiscal Year End Dec 31 2016	Fiscal Year Ending Dec 31 2017
Net Pension Liability	$6,100,000	$6,200,000
Deferred Inflow of Resources - investment gain	180,000	90,000
Deferred Inflow of resources - demographic factors	210,000	180,000
Deferred outflow of resources - economic factors	400,000	350,0000

The city of Stewart contributed $1,600,000 cash to the pension plan during the fiscal year ending Dec 31, 2017. Prepare the journal entry to record the pension related activity, including the pension expense, for the city of Stewart's Electric Utility Enterprise Fund for its 2017 fiscal year.

Description	DR	CR
_____Blank A._____________	__ Blank B __
Deferred inflow of resources - investment gain	__ Blank C __
Deferred inflow of resources - demographic factors	__ Blank D __
______ Blank E________________		__ Blank F __
Deferred outflow of resources - economic factors		__ Blank G __
Cash		__ Blank H __

List of accounts to fill in blanks:

--- Addition - Pension Contributions

--- Deductions - Retirement benefits

--- Net pension liability

--- Net position

--- Pension expense

Answer 1

Anguer age. N0-1 To Tecord "citu of Stewold Conhibufion to t6oo,c00 Cash - edit -$1, on ex peuse . debit$G280oo 62 8o000 iabilut cle ined Calculation "to ?eufon expense et penßton) Rattous 6 b50,00o again hic