Intermediate Accounting II: ACCTG 472 Spring 2018 Section 2 April Kisam 7 Excel 15.00 points The Kollar Company has a defined benefit pension plan. Pension information 2016 and 2017 are presented below (S in millions) Information Provided by Pension Plan Actuary a Projected benefit obligation as of December 31, 2015 $2450 b. Prior service cost from plan amendment on January 2, 2016-$750 (straight-ine amortization for 10- year average remaining service period) c. Service cost for 2016 $590 d. Service cost for 2017 $640 e. Discount rate used by actuary on projected benefit obligation tr 2016 and 2017-10% f. Payments to retirees in 2016 $450. g. Payments to retirees in 2017-$520. h. No changes in actuarial assumptions or estimates Net oains and oss ae a0 ypars in 2010 and 2017 j. Net gains and losses are amortized for 10 years in 2016 and 2017. Information Provided by Pension Fund Trustee a. Plan asset balance at fair value on January 1, 2016-$1,800. b. 2016 contributions-$610 c. 2017 contributions $660. d. Expected long-term rate of return on plan assets-12%. e. 2016 actual return on plan assets $160. f, 2017 actual return on plan assets S210. Required 1. Calculate pension expense for 2016 and 2017. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)-) ($ in millions) 2016 2017 Pension expense Prepare the journal entries for 2016 and 2017 to record pension expense. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rou should be entered as 5.5)) 2. nded to 1 decimal place 0a. 8800.00