A

B

C

D

Account names:

Accumulated Depreciation Accumulated Other Comprehensive Income Cash Common Stock Cost of Goods Sold Depreciation Expense Interest Expense Inventory Notes Payable Other Comprehensive Income (G/L) Other Comprehensive Income (PSC) Pension Asset/Liability Pension Expense Plant and Equipment Postretirement Asset/Liability Postretirement Expense Retained Earnings Salary Expense Sales

Waterway Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $55,700. 2. The company's funding policy requires a contribution to the pension trustee amounting to $144,323 for 2017. 3. As of January 1, 2017, the company had a projected benefit obligation of $894,700, an accumulated benefit obligation of $792,500, and a debit balance of $402,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $601,400 at the beginning of the year. The actual and expected return on plan assets was $54,300. The settlement rate was 9%. No gains or losses occurred in 2017 and no benefits were paid. 4. Amortization of prior service cost was $49,800 in 2017. Amortization of net gain or loss was not required in 2017. Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g.-45 or parenthesis e.g. (45).) Components of Pension Expense Prepare the journal entry or entries to record pension expense and the employer's contribution to the pension trustee in 2017. (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 o for the amounts.) Account Titles and Explanation Debit Credit Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Waterway Company for the year 2017. Waterway Company Income Statement (Partial) Waterway Company Comprehensive Income Statement $XXXX SXXXX Waterway Company Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work