Exercise 116 On January 1, 2018, McGee Co. had the following balances: Projected benefit obligation Fair value of plan assets $7,410,000 7,410,000 Other data related to the pension plan for 2018: Service cost Contributions to the plan Benefits paid Actual return on plan assets Settlement rate Expected rate of return 316,000 460,000 451,000 445,000 9% 6% Determine the projected benefit obligation at December 31, 2018. There are no net gains or losses. Projected benefit obligations Determine the fair value of plan assets at December 31, 2018. Fair value of plan assets Calculate pension expense for 2018. Pension expenses Prepare the journal entry to record pension expense and the contributions for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Exercise 116 On January 1, 2018, McGee Co. had the following balances: Projected benefit obligation Fair value of plan assets $7,410,000 7,410,000 Other data related to the pension plan for 2018: Service cost Contributions to the plan Benefits paid Actual return on plan assets Settlement rate Expected rate of return 316,000 460,000 451,000 445,000 9% 6% Determine the projected benefit obligation at December 31, 2018. There are no net gains or losses. Projected benefit obligations Determine the fair value of plan assets at December 31, 2018. Fair value of plan assets Calculate pension expense for 2018. Pension expenses Prepare the journal entry to record pension expense and the contributions for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work