(Pension Worksheet—Missing Amounts) Kramer Co. 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 Kramer Co.(c) Determine the following for Kramer for 2017: (1) settlement rate used to measure the interest on the liability and (2) expected return on plan assets Pension Worksheet–Kramer Co.xlsHomeInsertPage Layout Formulas DataReview ViewP18fxABCDEFGHGeneral Journal EntriesMemo RecordAnnualPensionPensionProjectedBenefitOC-PriorService Cost4OC-Asset/5ItemsExpenseCashGain/LossLiability Obligation Plan Assets6 Balance, Jan. 1, 2017Service cost120,000325,000205,000 Dr.(1)20,000Interest cost(2)26,0009 Actual return(3)18,000 Dr.10 Unexpected loss11 Amortization of PSC2,500(4)(5)35,00012 Contributions41,00041,000 Dr.13 Benefits15,00015,000 Cr.14 Increase in PBO(6)43,50015 Journal entry for 201716 Accumulated OCI, Dec. 31, 2016(7)(8)(9)80,00045,000(10)(11)17 Balance, Dec. 31, 201746,000150,500 Cr. 399,500 Cr. 249,000 Dr.18

Pension Worksheet–Kramer Co.xls Home Insert Page Layout Formulas Data Review View P18 fx A B C D E F G H General Journal Entries Memo Record Annual Pension Pension Projected Benefit OC-Prior Service Cost 4 OC- Asset/ 5 Items Expense Cash Gain/Loss Liability Obligation Plan Assets 6 Balance, Jan. 1, 2017 Service cost 120,000 325,000 205,000 Dr. (1) 20,000 Interest cost (2) 26,000 9 Actual return (3) 18,000 Dr. 10 Unexpected loss 11 Amortization of PSC 2,500 (4) (5) 35,000 12 Contributions 41,000 41,000 Dr. 13 Benefits 15,000 15,000 Cr. 14 Increase in PBO (6) 43,500 15 Journal entry for 2017 16 Accumulated OCI, Dec. 31, 2016 (7) (8) (9) 80,000 45,000 (10) (11) 17 Balance, Dec. 31, 2017 46,000 150,500 Cr. 399,500 Cr. 249,000 Dr. 18

Pension Worksheet–Kramer Co.xls Home Insert Page Layout Formulas Data Review View P18 fx A B C D E F G H General Journal Entries Memo Record Annual Pension Pension Projected Benefit OC-Prior Service Cost 4 OC- Asset/ 5 Items Expense Cash Gain/Loss Liability Obligation Plan Assets 6 Balance, Jan. 1, 2017 Service cost 120,000 325,000 205,000 Dr. (1) 20,000 Interest cost (2) 26,000 9 Actual return (3) 18,000 Dr. 10 Unexpected loss 11 Amortization of PSC 2,500 (4) (5) 35,000 12 Contributions 41,000 41,000 Dr. 13 Benefits 15,000 15,000 Cr. 14 Increase in PBO (6) 43,500 15 Journal entry for 2017 16 Accumulated OCI, Dec. 31, 2016 (7) (8) (9) 80,000 45,000 (10) (11) 17 Balance, Dec. 31, 2017 46,000 150,500 Cr. 399,500 Cr. 249,000 Dr. 18

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 21E

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