Waldrop Company has a defined defined benefit plan. Pension information concerning calendar years 2017 and 2018 is - presented below. -Information presented by pension Actuary: 2018 a. Projected benefit obligation o b. Prior service cost from plan amendment on December 31, 2016 1 c. Service cost 2 d. Discount rate used by the actuary 3 e. Payment to retirees 4 f. No changes in actuarial assumptions s g. Net gain balance- AOCI 6 h. Average service life of active employees 2017 1,700 400 500 10% 500 600 10% 450 ? 300 10 10 1,800 3 Information Provided by Pension Fund Trustee: 9 a. Plan assets balance at fair value on January 1, 2017 b. Contibutions to the plan by the employer 1 c. Expected rate of return on plan assets 2 d. Actual return on plan assets 600 12% 224 500 12% 200 3 4 Required: 1. Calculate the pension expense 6 2. Prepare the journal entry to record pension expense 7 3. Prepare the journal entry to record any gains and losses 8 4. Prepare the journal entry to record any new service cost 9 5. Prepare the journal entry to record cash contributions to the plan 6. Prepare the journal entry to record benefits paid to retirees 1 7. What is the gain balance in AOCI at December 31, 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018 ACC 312 test, Chapter 17 Waldrop Company has a defined defined benefit plan. Pension information concerning calendar years 2017 and 2018 is Ipresented below. Information presented by pension Actuary:. 2018 2017 1,700 400 5001 600 10% 10% 500 450 300 10 1,800 a. Projected benefit obligation b. Prior service cost from plan amendment on December 31, 2016 c. Service cost d. Discount rate used by the actuary e. Payment to retirees |f. No changes in actuarial assumptions g. Net gain balance- AOCI h. Average service life of active employees Information Provided by Pension Fund Trustee: a. Plan assets balance at fair value on January 1, 2017 b. Contibutions to the plan by the employer c. Expected rate of return on plan assets d. Actual return on plan assets Required: 1. Calculate the pension expense 2. Prepare the journal entry to record pension expense 3. Prepare the journal entry to record any gains and losses 4. Prepare the journal entry to record any new service cost 5. Prepare the journal entry to record cash contributions to the plan 6. Prepare the journal entry to record benefits paid to retirees 7. What is the gain balance in AOCI at December 31, 600 12% 2241 500 12% 200 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018) file name: ACC 312 Test, Chapter 17 Waldrop Company has a defined defined benefit plan. Pension information concerning calendar years 2017 and 2018 is - presented below. -Information presented by pension Actuary: 2018 a. Projected benefit obligation o b. Prior service cost from plan amendment on December 31, 2016 1 c. Service cost 2 d. Discount rate used by the actuary 3 e. Payment to retirees 4 f. No changes in actuarial assumptions s g. Net gain balance- AOCI 6 h. Average service life of active employees 2017 1,700 400 500 10% 500 600 10% 450 ? 300 10 10 1,800 3 Information Provided by Pension Fund Trustee: 9 a. Plan assets balance at fair value on January 1, 2017 b. Contibutions to the plan by the employer 1 c. Expected rate of return on plan assets 2 d. Actual return on plan assets 600 12% 224 500 12% 200 3 4 Required: 1. Calculate the pension expense 6 2. Prepare the journal entry to record pension expense 7 3. Prepare the journal entry to record any gains and losses 8 4. Prepare the journal entry to record any new service cost 9 5. Prepare the journal entry to record cash contributions to the plan 6. Prepare the journal entry to record benefits paid to retirees 1 7. What is the gain balance in AOCI at December 31, 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018 ACC 312 test, Chapter 17 Waldrop Company has a defined defined benefit plan. Pension information concerning calendar years 2017 and 2018 is Ipresented below. Information presented by pension Actuary:. 2018 2017 1,700 400 5001 600 10% 10% 500 450 300 10 1,800 a. Projected benefit obligation b. Prior service cost from plan amendment on December 31, 2016 c. Service cost d. Discount rate used by the actuary e. Payment to retirees |f. No changes in actuarial assumptions g. Net gain balance- AOCI h. Average service life of active employees Information Provided by Pension Fund Trustee: a. Plan assets balance at fair value on January 1, 2017 b. Contibutions to the plan by the employer c. Expected rate of return on plan assets d. Actual return on plan assets Required: 1. Calculate the pension expense 2. Prepare the journal entry to record pension expense 3. Prepare the journal entry to record any gains and losses 4. Prepare the journal entry to record any new service cost 5. Prepare the journal entry to record cash contributions to the plan 6. Prepare the journal entry to record benefits paid to retirees 7. What is the gain balance in AOCI at December 31, 600 12% 2241 500 12% 200 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018) file name: ACC 312 Test, Chapter 17