Doyle Lonnegan, Inc. provides a defined benefit pension for its employees. On January 1, 2017, Lonnegan,...

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Doyle Lonnegan, Inc. provides a defined benefit pension for its employees. On January 1, 2017, Lonnegan, Inc. has the following defined benefit plan balances: Projected benefit obligation Fair value of plan assets $4,500,000 $4,200,000 The interest rate (settlement rate) applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows: 2017 2018 Service cost Prior Service Cost amortization $150,000 $180,000 $ -0- $ 90,000 Contributions (funding) to the plan $240,000 $285,000 Benefits paid $200,000 $280,000 Actual return on plan assets 6% 8% a) Prepare a pension worksheet for the pension plan for 2017 and 2018. b) For 2018, prepare the journal entries to record pension-related amounts Doyle Lonnegan, Inc. provides a defined benefit pension for its employees. On January 1, 2017, Lonnegan, Inc. has the following defined benefit plan balances: Projected benefit obligation Fair value of plan assets $4,500,000 $4,200,000 The interest rate (settlement rate) applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows: 2017 2018 Service cost Prior Service Cost amortization $150,000 $180,000 $ -0- $ 90,000 Contributions (funding) to the plan $240,000 $285,000 Benefits paid $200,000 $280,000 Actual return on plan assets 6% 8% a) Prepare a pension worksheet for the pension plan for 2017 and 2018. b) For 2018, prepare the journal entries to record pension-related amounts