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Cheyenne Company provides the following selected information related to its defined benefit pension plan for 2017

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Cheyenne Company provides the following selected information related to its defined benefit pension plan for 2017.

 

Pension asset/liability (January 1)$23,900Cr.Accumulated benefit obligation (December 31)401,000Actual and expected return on plan assets9,700Contributions (funding) in 2017149,800Fair value of plan assets (December 31)806,800Settlement rate10%Projected benefit obligation (January 1)702,800Service cost80,680

Compute pension expense.

 

Pension expense for 2017$

 

Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. Preparation of a pension worksheet is not required. Benefits paid in 2017 were $31,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

 

Account Titles and Explanation

Debit

Credit

 

 

 

 

 

 

 

 

 

 

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

LINK TO TEXT

Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2017.

 

Cheyenne Company

Income Statement (Partial)

 

December 31, 2017

For the Year Ended December 31, 2017

For the Quarter Ended December 31, 2017

 

Dividends

Expenses

Net Income / (Loss)

Retained Earnings - January 1, 2017

Retained Earnings - December 31, 2017

Revenues

Total Expenses

Total Revenues

    

Amortization of PSC    

Interest Expense    

Pension Expense    

Rent Expense    

Service Cost    

$

 

Cheyenne Company

Balance Sheet (Partial)

 

December 31, 2017

For the Year Ended December 31, 2017

For the Quarter Ended December 31, 2017

 

Current Assets

Intangible Assets

Long-term Investments

Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Intangible Assets

Total Long-term Investments

Total Property, Plant and Equipment

Total Stockholders' Equity

    

Accounts Payable    

Accounts Receivable    

Accumulated Depreciation    

Accumulated Other Comprehensive Income (PSC)    

Accumulated Other Comprehensive Loss (PSC)    

Common Stock    

Pension Liability    

Retained Earnings    

$