Attached is the problem, use it for your response. Please show how you get each calculation so I can understand the concept. Thank you.

Silver Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008. 2007 2008 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 (140,000) ? Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 Interest/settlement rate 250,000 60,000 24,000 10,000 115,000 500,000 9% Instructions: (a) Compute pension expense for 2010 and 2011. Computation of pension expense: 2007 $60,000 Amount (24,000) Amount Formula Service cost Interest cost Expected return on plan assets Amortization of prior service cost Pension expense 2008 Amount Amount Amount Amount Formula (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. Pension Asset/Liability Pension Expense Other Comprehensive Income (PSC) Other Comprehensive Income (G&L) Cash 2007 Amount Amount 2008 Amount Amount 115,000 Pension Problem 02 + Data, Page 1 of 1, 08/06/2012, 21:36:04 240,000 90,000 30,000 12,000 120,000 550,000 9% Silver Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008. 2007 2008 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 (140,000) ? Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 Interest/settlement rate 250,000 60,000 24,000 10,000 115,000 500,000 9% Instructions: (a) Compute pension expense for 2010 and 2011. Computation of pension expense: 2007 $60,000 63,000 (24,000) 10,000 $109,000 Service cost Interest cost Expected return on plan assets Amortization of prior service cost Pension expense 2008 Amount 72,000 (30,000) 12,000 $54,000 (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. Pension Asset/Liability Pension Expense Other Comprehensive Income (PSC) Other Comprehensive Income (G&L) Cash 2007 39,000 109,000 2008 10,000 23,000 115,000 Pension Problem 02 + Data, Page 1 of 1, 08/04/2012, 19:04:39 240,000 90,000 30,000 12,000 120,000 550,000 9% Silver Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008. 2007 2008 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 (140,000) ? Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 Interest/settlement rate 250,000 60,000 24,000 10,000 115,000 500,000 9% Instructions: (a) Compute pension expense for 2010 and 2011. Computation of pension expense: 2007 $60,000 63,000 (24,000) 10,000 $109,000 Service cost Interest cost Expected return on plan assets Amortization of prior service cost Pension expense 2008 Amount 72,000 (30,000) 12,000 $54,000 (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. Pension Asset/Liability Pension Expense Other Comprehensive Income (PSC) Other Comprehensive Income (G&L) Cash 2007 39,000 109,000 2008 10,000 23,000 115,000 Pension Problem 02 + Data, Page 1 of 1, 08/04/2012, 19:04:39 240,000 90,000 30,000 12,000 120,000 550,000 9% Silver Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008. 2007 2008 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 (140,000) ? Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 Interest/settlement rate 250,000 60,000 24,000 10,000 115,000 500,000 9% Instructions: (a) Compute pension expense for 2010 and 2011. Computation of pension expense: 2007 $60,000 63,000 (24,000) 10,000 $109,000 Service cost Interest cost Expected return on plan assets Amortization of prior service cost Pension expense 2008 Amount 72,000 (30,000) 12,000 $54,000 (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. Pension Asset/Liability Pension Expense Other Comprehensive Income (PSC) Other Comprehensive Income (G&L) Cash 2007 39,000 109,000 2008 10,000 23,000 115,000 Pension Problem 02 + Data, Page 1 of 1, 08/04/2012, 19:04:39 240,000 90,000 30,000 12,000 120,000 550,000 9%