Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,400 Contribution to the plan 104,800 Prior service cost amortization 9,700 Actual and expected return on plan assets 64,400 Benefits paid 40,800 Plan assets at January 1, 2017 627,300 Projected benefit obligation at January 1, 2017 697,700 Accumulated OCI (PSC) at January 1, 2017 149,700 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017.

Item                          Projected Benefit Obligation             Planned Asset

Opening Balance          (697,700)                                              627,300

Service Costs                  (89,400)

Interest Costs                    (6,977)

Actual Returns                                                                             64,400

Contributions                                                                              104,800

Benefits Paid                 40,800                                               (40,800)

Balance at 31 Dec         753,277                                                755,700            

Explanation:

Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2017.

Service cost $89,400

Contribution to the plan 104,800

Prior service cost amortization 9,700

Actual and expected return on plan assets 64,400

Benefits paid 40,800

Plan assets at January 1, 2017 627,300

Projected benefit obligation at January 1, 2017 697,700

Accumulated OCI (PSC) at January 1, 2017 149,700 Interest/discount (settleme  

Item           Pension Expense   Cash  PSC Gain/Loss Pension Asset/Liabiity

Service Costs  89,400

Interest Costs   6,977

Past Service Costs149,700

Actual Returns (64,400)

Contributions   .(104,800)

TOTAL             31,977        (104,800)  149,700 222,223

Item                          Projected Benefit Obligation             Planned Asset

Opening Balance          (697,700)                                              627,300

Service Costs                  (89,400)

Interest Costs                    (6,977)

Actual Returns                                                                             64,400

Contributions                                                                              104,800

Benefits Paid                 40,800                                               (40,800)

Balance at 31 Dec         753,277                                                755,700            

answer; /// the above statement is (true);

answer; /// the above statement is (true); good luck