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Pension Worksheet-Usher Inc.xls Home Insert Page Layout Formulas Data Review View P18 fx A В E F 1 2 General Journal Entries Memo Record Annual Projected Benefit Pension 4 Pension OCI–Prior OCI- Asset/ Items Expense Cash Service Cost Gain/Loss Liability Obligation Plan Assets 6 Balance, Jan. 1, 2017 Service cost 1,100 Cr. 2,800 1,700 (1) (2) (3) 7 500 8 Interest cost 280 Actual return 220 10 Unexpected gain 150 (4) 11 Amortization of PSC (5) 55 12 Contributions 800 800 13 Benefits 200 200 14 Liability increase 15 Journal entry (6) (10) 365 (7) (8) (9) (11) 16 17 Accumulated OCI, Dec. 31, 2016 1,100 18 Balance, Dec. 31, 2017 1,045 215 1,225 3,745 2,520 19 이

Pension Worksheet-Usher Inc.xls Home Insert Page Layout Formulas Data Review View P18 fx A В E F 1 2 General Journal Entries Memo Record Annual Projected Benefit Pension 4 Pension OCI–Prior OCI- Asset/ Items Expense Cash Service Cost Gain/Loss Liability Obligation Plan Assets 6 Balance, Jan. 1, 2017 Service cost 1,100 Cr. 2,800 1,700 (1) (2) (3) 7 500 8 Interest cost 280 Actual return 220 10 Unexpected gain 150 (4) 11 Amortization of PSC (5) 55 12 Contributions 800 800 13 Benefits 200 200 14 Liability increase 15 Journal entry (6) (10) 365 (7) (8) (9) (11) 16 17 Accumulated OCI, Dec. 31, 2016 1,100 18 Balance, Dec. 31, 2017 1,045 215 1,225 3,745 2,520 19 이

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(Pension Worksheet—Missing Amounts) The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2017.

Check the below image for pension worksheet.

Instructions
(a) Determine the missing amounts in the 2017 pension worksheet, indicating whether the amounts are debits or credits.
(b) Prepare the journal entry to record 2017 pension expense for Usher Inc.
(c) The accounting staff has heard of a pension accounting procedure called “corridor amortization.” Is Usher required to record any amounts for corridor amortization in (1) 2017? In (2) 2018? Explain.

Pension Worksheet-Usher Inc.xls Home Insert Page Layout Formulas Data Review View P18 fx A В E F 1 2 General Journal Entries Memo Record Annual Projected Benefit Pension 4 Pension OCI–Prior OCI- Asset/ Items Expense Cash Service Cost Gain/Loss Liability Obligation Plan Assets 6 Balance, Jan. 1, 2017 Service cost 1,100 Cr. 2,800 1,700 (1) (2) (3) 7 500 8 Interest cost 280 Actual return 220 10 Unexpected gain 150 (4) 11 Amortization of PSC (5) 55 12 Contributions 800 800 13 Benefits 200 200 14 Liability increase 15 Journal entry (6) (10) 365 (7) (8) (9) (11) 16 17 Accumulated OCI, Dec. 31, 2016 1,100 18 Balance, Dec. 31, 2017 1,045 215 1,225 3,745 2,520 19 이
Transcribed Image Text:Pension Worksheet-Usher Inc.xls Home Insert Page Layout Formulas Data Review View P18 fx A В E F 1 2 General Journal Entries Memo Record Annual Projected Benefit Pension 4 Pension OCI–Prior OCI- Asset/ Items Expense Cash Service Cost Gain/Loss Liability Obligation Plan Assets 6 Balance, Jan. 1, 2017 Service cost 1,100 Cr. 2,800 1,700 (1) (2) (3) 7 500 8 Interest cost 280 Actual return 220 10 Unexpected gain 150 (4) 11 Amortization of PSC (5) 55 12 Contributions 800 800 13 Benefits 200 200 14 Liability increase 15 Journal entry (6) (10) 365 (7) (8) (9) (11) 16 17 Accumulated OCI, Dec. 31, 2016 1,100 18 Balance, Dec. 31, 2017 1,045 215 1,225 3,745 2,520 19 이
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