Exercise 20-11 (Part Level Submission) Ayayai Company sponsors a dofined benefit pansion plan for its cmployees. The frllowing data relate to the cperation of the plan far the year 201 in which no benafits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,000 2. The company's funding policy requires a contribution to the pension trustee amounting to $145,023 for 2017 3. As of January 1, 2017, the company had a projected beneit obligation of s994,700, an accurnulated benefit obigation of 803,700, and a debit balance of $397,200 in accumulated OCI (PSC).The air value ef pension plan assets amounted to s595,600 at the beginning to the operation cf the year. The actual and expected return on plan assets was $53,900. The settlement rate was 9%. No gains or losses occurred in 2017 and no benefits were paid. 4. Amartization of pricr service cost was $4,500 in 2017. Amortizatinn of net gain or lass was not required in 2017