The following facts apply to the pension plan of Pearl Inc. for the year 2017. Plan...

   

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The following facts apply to the pension plan of Pearl Inc. for the year 2017. Plan assets, January 1, 2017 $499,800 Projected benefit obligation, January 1, 2017 499,800 Settlement rate Service cost 38,000 Contributions (funding) 25,500 Actual and expected return on plan assets 48,900 Benefits paid to retirees 31,300 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) 8% Items Balance, January 1, 2017. Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2017 $ Annual Pension Expense ÷ # # *► bla 10 PEARL INC. Pension Worksheet-2017 General Journal Entries Cash # # # 47 # Pension Asset/ Liability 4 # ** # " # 4 Memo Record LA Projected Benefit Obligation # " 47 47 # # 4 AP # Plan Assets # # # # # # The following facts apply to the pension plan of Pearl Inc. for the year 2017. Plan assets, January 1, 2017 $499,800 Projected benefit obligation, January 1, 2017 499,800 Settlement rate Service cost 38,000 Contributions (funding) 25,500 Actual and expected return on plan assets 48,900 Benefits paid to retirees 31,300 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) 8% Items Balance, January 1, 2017. Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2017 $ Annual Pension Expense ÷ # # *► bla 10 PEARL INC. Pension Worksheet-2017 General Journal Entries Cash # # # 47 # Pension Asset/ Liability 4 # ** # " # 4 Memo Record LA Projected Benefit Obligation # " 47 47 # # 4 AP # Plan Assets # # # # # #

Answer rating: 100% (QA)

Items Balance January 1 2017 Service Cost Interest ... View the full answer