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CALCULATOR STANDARD VIEW Exercise 20-4 The folowing facts apply...

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Accounting

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CALCULATOR STANDARD VIEW Exercise 20-4 The folowing facts apply to the pension plan of Tamarisk Inc. for the year 2017 Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $498,700 498,700 8% 42,100 22,800 45,500 34,500 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entr the year-end balances in the related pension accounts. (Enter all amounts as positive. TAMARISK INC. Pension Worksheet-2017 General Journal Entries Annual Pension Expense Plan Assets Pension Asset/Projected Benefit Items Cash Liability Obligation Balance, January 1, 2017 Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2017

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