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Prepare the journal entry to record pension expense

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Reference no: EM131588739

Question - Ayayai Company provides the following information about its defined benefit pension plan for the year 2017.

Service cost $91,200

Contribution to the plan 104,700

Prior service cost amortization 9,800

Actual and expected return on plan assets 62,800

Benefits paid 40,500

Plan assets at January 1, 2017 632,600

Projected benefit obligation at January 1, 2017 686,700

Accumulated OCI (PSC) at January 1, 2017 152,100

Interest/discount (settlement) rate 9%

Requirements:

1. Using Excel prepare a pension worksheet inserting January 1, 2017, balances, and then showing December 31, 2017. Prepare the worksheet in good form based on examples in chapter 20 and chapter 20 exercises.

2. Prepare the journal entry to record pension expense.

Reference no: EM131588739

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