Instructions On December 31, 2016, Palmer Company determined that the 2016 service cost on its defined benefit pension plan was $120,000 At the beginning of 2016, Palmer had pension plan assets of $520,000 and a proiected benefit obligation of $600,000. Its discount rte (and expected long-term rate of return on plan assets) for 2016 was 10% There are no other components of Palmer's pension expense; the company had an accrued/prepaid pension cost liability at the end of 2015. Required: 1. Compute the amount of Palmer's pension expense for 2016. 2. Prepare the journal entry to record Palmer's 2016 pension expense if it funds the pension plan in the amount of (a) $128,000 and (b) $120.000