Culver Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,800
Contribution to the plan 107,000
Prior service cost amortization 10,700
Actual and expected return on plan assets 65,200
Benefits paid 40,100
Plan assets at January 1, 2017 647,500
Projected benefit obligation at January 1, 2017 707,800
Accumulated OCI (PSC) at January 1, 2017 147,500
Interest/discount (settlement) rate 9 %
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017.
General Journal Entries Memo Record
Items Annual Pension Expense Cash OCI Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets
Balance, January 1, 2017 $ $ $ $ $ $
Service Cost
Interest Cost
Actual Return
Amortization of PSC
Contribution
Benefits
Journal Entry for 2017 $ $
Accumulated OCI, Dec. 31, 2016
Balance, Dec. 31, 2017 $ $ $ $