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1. XYZ Company sponsors a defined benefit pension plan for its employees. On 1/1/17, the following balances relate to this plan:
| Plan assets | 480,000 | |
| Projected Benefit Obligation | 600,000 | |
| Penson asset/liability | 120,000 | |
| Accumulated Other Comprehensive Income (AOCI) - Prior Service Costs | 100,000 | Debit Bal. |
As a result of the operation of the Plan during 2017, the following additional data was provided by the actuary:
| Service cost | 90,000 |
| Settlement rate | 9% |
| Actual return on plan assets | 55,000 |
| Amortization of prior service cost | 19,000 |
| Expected return on plan assets | 52,000 |
| Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions | 76,000 |
| Contributions | 99,000 |
| Benefits paid to retirees | 85,000 |
Prepare a pension worksheet with the following columns headers:
Annual Pension Expense
Cash
Prior Service Cost (PSC) an OCI item
Gain/Loss an OCI item
Pension Asset/Liability
Memo Record Projected Benefit Obligation
Memo Record Plan Assets at Fair Value
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