|Pension Worksheet- 2017|
|Memo Record||General Journal Entries|
|PROJECTED BENEFIT OBLIGATION||PLAN ASSET||Prior Service Cost-AOCI||Net Loss (Gain)-AOCI||Annual Pension Expense||Cash||Pension Asset/ Liability|
|Balance, Jan 1, 2017||$ (350,000)||$ 250,000||$ 30,000||$ 43,750||$ (100,000)|
|Service cost||$ (40,000)||$ 40,000||$ (40,000)|
|Interest cost,3% (350000*3%)||$ (10,500)||$ 10,500||$ (10,500)|
|Expected return on assets (250000*3%)||$ 7,500||$ (7,500)||$ 7,500|
|Adjust for:||$ -|
|Gain on assets (250000*4%=10000-7500)||$ 2,500||$ (2,500)||$ 2,500|
|Loss on PBO for assumption changes||$ (3,500)||$ 3,500||$ (3,500)|
|Amortization of Prior Service Cost (40000/4)||$ (10,000)||$ 10,000||$ -|
|Amortization of Net Loss||$ (2,188)||$ 2,188||$ -|
|Contributions||$ 44,000||$ (44,000)||$ 44,000|
|Retiree Benefits||$ 45,000||$ (45,000)||$ -|
|Balance, Dec 31, 2017||$ (359,000)||$ 259,000||$ 20,000||$ 42,563||$ 55,188||$ (44,000)||$ (100,000)|
|Computation of unexpected loss/(gain) on assets for the year 2017:-|
|Expected return on the plan assets (250000*3%)||$ 7,500|
|Less: Actual return on the plan assets (250000*4%)||$ 10,000|
|Unexpected loss/(gain) on plan assets for 2017||$ (2,500)|
|Computation of amount of loss to be amortized from OCI-loss Account in current year:-|
|a. Net loss-AOCI beginning||$ 43,750|
|Projected Benefit Obligation, beginning||$ 350,000|
|Plan Assets, beginning||$ 250,000|
|Higher value||$ 350,000|
|b. Corridor =10% of $350000||$ 35,000|
|c. Excess at the beginning of the year (a-b)||$8,750|
|d. Average remaining service period||4 years|
| e. |
Loss amortized to current year pension expense (c/d)
|Computation of Pension Expense for the Current year:-|
|Service cost||$ 40,000|
|Interest cost||$ 10,500|
|Expected return on the plan assets||$ (7,500)|
|Amortization of past service cost||$ 10,000|
|Amortization of net loss||$ 2,188|
|Pension Expense||$ 55,188|
|Account Titles and Explanation||Debit||Credit|
|Pension Expense||$ 55,188|
|OCI - loss||$ 1,188|
|(To record pension expense)|
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