In: Accounting
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Ayayai Company | ||||||||||||
Pension Worksheet- 2017 | ||||||||||||
General Journal Entries | Memo Record | |||||||||||
Items | Annual Pension Expense | Cash | OCI-Prior Service Cost | Pension Asset/ Liability | Projected Benefit Obligation | Plan Assets | ||||||
Balance, Jan 1, 2017 | $ 152,100 | Dr. | $ 54,100 | Cr. | $ 686,700 | Cr. | $ 632,600 | Dr. | ||||
Service cost | $ 91,200 | Dr. | $ 91,200 | Cr. | ||||||||
Interest cost (686,700*9%) | $ 61,803 | Dr. | $ 61,803 | Cr. | ||||||||
Actual return | $ 62,800 | Cr. | $ 62,800 | Dr. | ||||||||
Amortization of PSC | $ 9,800 | Dr. | $ 9,800 | Cr. | ||||||||
Contributions | $ 104,700 | Cr. | $ 104,700 | Dr. | ||||||||
Benefits | $ 40,500 | Dr. | $ 40,500 | Cr. | ||||||||
Journal entry for 2014 | $ 100,003 | Dr. | $ 104,700 | Cr. | $ 9,800 | Cr. | $ 14,497 | Dr. | ||||
Accumulated OCI, Dec.31, 2017 | $ 152,100 | Dr. | ||||||||||
Balance, Dec 31, 2018 | $ 142,300 | Dr. | $ 39,603 | Cr. | $ 799,203 | Cr. | $ 759,600 | Dr. | ||||
Journal entry | ||||||||||||
Account Titles and Explanation | Debit | Credit | ||||||||||
Pension Expense | $ 100,003 | |||||||||||
Pension Asset/ Liability | $ 14,497 | |||||||||||
OCI-PSC | $ 9,800 | |||||||||||
Cash | $ 104,700 | |||||||||||
(To record pension expense) | ||||||||||||
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