The following data relate to the defined benefit pension plan of Haan Company:

Balances at January 1, 2017:
PBO	$3,500
Prior Service Cost	$150
Fair value of pension assets or called Plan Assets	$3,000
ABO	$2,800
Activity for 2017:
Service cost	$400
Benefit payments to retirees	170
Contributions to pension fund	230
Actual return on plan asset	130
Prior service cost amortization	40
Expected return on plan assets	7%
Obligation discount rate	10%

Required:

1. Prepare the pension worksheet using the data above.

2. Prepare the 2017 pension journal entry.

Answer rating: 100% (QA)

A B D E H K M unrecognised prior service Not pension Prepaidaccrued Periodic pension ... View the full answer