(L01,2) EXCEL (Pension Expense, Journal Entries) The following information is available for the pension plan of Radcliffe Company for the year 2017.

Actual and expected return on plan assets $ 15,000 Benefi ts paid to retirees 40,000 Contributions (funding) 90,000 Interest/discount rate 10%

Prior service cost amortization 8,000 Projected benefi t obligation, January 1, 2017 500,000 Service cost 60,000 Instructions

(a) Compute pension expense for the year 2017.

(b) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2017.