2. value: 5.00 points Problem 17-12 Determine pension expense; journal entries; two years [LO17-3, 17-4, 17-5,17-6,17-7, 17-8] The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2016 and 2017 are presented below ($ in millions): Information Provided by Pension Plan Actuary: Projected benefit obligation as of December 31, 2015 $2,300. b. Prior service cost from plan amendment on year average remaining service period) c. Service cost for 2016 $580. d. Service cost for 2017 $630 e. Discount rate used by actuary on projected benefit obligation for 2016 and 2017 10%. f. Payments to retirees in 2016 $440 g. Payments to retirees in 2017 $510 h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2016 $260 j. Net gains and losses are amortized for 10 years in 2016 and 2017. a. $700 (straight-line amortization for 10 January 2, 2016 = = Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2016 $1,700 b. 2016 contribution c. 2017 contributions $650 d. Expected long-term rate of return on plan assets 12% e. 2016 actual return on plan assets $150 f. 2017 actual return on plan assets = $200. $600 = = Required: 1. Calculate pension expense for 2016 and 2017. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) 2016 2017 Pension expense 2. Prepare the journal entries for 2016 and 2017 to record pension expense. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 2 1 Record pension expense Note: Enter debits before credits Date General Journal Debit Credit 2016 Clear entry View general journal Record entry 3. Prepare the journal entries for 2016 and 2017 to record any gains and losses and new prior service cost. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 2 3 1 Record gains and losses Note: Enter debits before credits Date General Journal Debit Credit 2016 Record entry Clear entry View general journal 4. Prepare the journal entries for 2016 and 2017 to record the cash contribution to plan assets and benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 4 1 Record the cash contribution to plan assets Note: Enter debits before credits Date General Journal Debit Credit 2016 Record entry Clear entry View general journal