Exercise 20-23 Bramble Co. provides the following information about its postreti

Question

Exercise 20-23 Bramble Co. provides the following information about its postretirement benefit plan for the year 2017 Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $91,700 3,100 60,400 64,000 40,900 715,600 746,300 109,900 Dr 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.) BRAMBLE CO Postretirement Benefit Worksheet-2017 ner ies er Annual Postretirement Expense oCI-Prior Service Cost Postretirement Asset/ Liability Items Cash APBO Plan Assets Balance, Jan. 1, 2017

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Items Annual pension expense Cash AOCI-PSC OCI Gain Pension asset/liability Projected benefit obligation Plan assets Amount Dr/cr Amount Dr/cr Amount Dr/cr Amount Dr/cr Amount Dr/cr Amount Dr/cr Amount Dr/cr Balance Jan 1, 2017        1,09,900 Dr Cr           30,700 Cr              7,46,300 Cr        7,15,600 Dr Service cost           91,700 Dr           91,700 Cr                 91,700 Cr Interest cost           67,167 Dr           67,167 Cr                 67,167 Cr PSC amortisation              3,100 Dr        3,100.00 Cr Return on plan assets           64,000 Cr                      -   Cr           64,000 Dr            64,000 Dr OCI Gain amortisation                    -   Cr                      -   Dr New prior service cost                    -   Dr                   -   Dr Cr Loss due to change in acturial assumptions Dr                          -   Cr Contributions            60,400 Cr           60,400 Dr            60,400 Dr Benefits paid                 40,900 Dr            40,900 Cr Jounral for 2017           97,967 Dr            60,400 Cr              3,100 Cr                      -   Cr           34,467 Cr              1,17,967 Cr            83,500 Dr Opening balance Jan 1, 2017        1,09,900 Dr                      -   Cr           30,700 Cr              7,46,300 Cr        7,15,600 Dr Balance Dec 31, 2017        1,06,800 Dr                      -   Cr           65,167 Cr              8,64,267 Cr        7,99,100 Dr

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