Exercise 20-23

Cheyenne Co. provides the following information about its
postretirement benefit plan for the year 2017.

Service cost $ 92,700
Prior service cost amortization 3,000
Contribution to the plan 50,600
Actual and expected return on plan assets 64,500
Benefits paid 37,100
Plan assets at January 1, 2017 719,300
Accumulated postretirement benefit obligation at January 1, 2017
745,800
Accumulated OCI (PSC) at January 1, 2017 92,900 Dr.
Discount rate 8 %

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.)

CHEYENNE CO.
Postretirement Benefit Worksheet—2017
General Journal Entries

Memo Record
Items
Annual Postretirement
Expense
Cash
OCI—Prior
Service Cost
Postretirement Asset/
Liability

APBO
Plan Assets
Balance, Jan. 1, 2017
$

Dr.
Cr.
$

Dr.
Cr.
$

Dr.
Cr.
$

Dr.
Cr.

$

Dr.
Cr.
$

Dr.
Cr.
Service cost

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Interest cost

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Actual return

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Contributions

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Benefits

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Amortization of PSC

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Journal entry for 2017
$

Dr.
Cr.
$

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Accumulated OCI, Dec. 31, 2016

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.

Dr.
Cr.
Balance, Dec. 31, 2017
$

Dr.
Cr.
$

Dr.
Cr.

$

Dr.
Cr.
$

Dr.
Cr.

Click if you would like to Show Work for this question:
Open Show Work

LINK TO TEXT