Exercise 20-1 The following information is available for the pension plan of Cullumber Company for the year 2017. Actual and expected return on plan assets $ 16,300 Benefits paid to retirees 38,400 Contributions (funding) 94,400 Interest/discount rate 11 % Prior service cost amortization 8,800 Projected benefit obligation, January 1, 2017 510,000 Service cost 63,300 Compute pension expense for the year 2017. Pension expense for 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare the journal entry to record pension expense and the employer's contribution to the pension plan 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 0 for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE