Question

The following facts apply to the pension plan of Sunland Inc. for the year 2017. Plan assets, January 1, 2017 $447,800 447,800 Projected benefit obligation, January 1, 2017 Settlement rate 8 42,100 Service cost 25,500 Contributions (funding) 51,200 Actual and expected return on plan assets Benefits paid to retirees 30,300 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) SUNLAND INC. Pension Worksheet-2017 General ournal Entries Memo Record Annual Pension Pension Asset/ Projected Benefit Plan Liability tems Expense Cash Obl ation Assets as Balance, January 1, 2017 Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2017 3 Click if you would like to Show Work for this question Open Show Work