Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances: plan assets $200,000; projected benefit obligation $250,000. Other data relating to 3 years operation of the plan are as follows. 2016 2017 2018 Annual service cost $16,000 $19,000 $26,000 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,000 22,000 24,000 Annual funding (contributions) 16,000 40,000 48,000 Benefits paid 14,000 16,400 21,000 Prior service cost (plan amended, 1/1/17) 160,000 Amortization of prior service cost 54,400 41,600 Change in actuarial assumptions establishes a December 31, 2018, projected benefit obligation of: 520,000 Partially correct answer iconYour answer is partially correct. Prepare a pension worksheet presenting all 3 years pension balances and activities. (Enter all amounts as positive.) JACKSON COMPANY Pension Worksheet2016, 2017, 2018 General Journal Entries Memo Record Annual Pension Expense Cash OCIPrior Service Cost OCIGain/ Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, Jan. 1, 2016 $ $ $ $ $ $ $ Service cost Interest cost Actual return Unexpected loss Contributions Benefits Journal entry for 2016 $ $ Accumulated OCI, Dec. 31, 2015 Balance, Dec. 31, 2016 $ $ Additional PSC, 1/1/2017 Balance, Jan. 1, 2017 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2017 $ $ Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 $ $ Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Liability gain Journal entry for 2018 $ $ Accumulated OCI, Dec. 31, 2017 Balance, Dec. 31, 2018 $ $ $ $ $ eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 eTextbook and Media List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Indicate the pension-related amounts reported in the financial statements for 2018. (Enter negative amounts using either a negative sign preceding the number e.g. -15,200 or parentheses e.g. (15,200).) Jackson Company Partial Income Statement $ Jackson Company Comprehensive Income Statement $XXXX $ $ $XXXX Jackson Company Partial Balance Sheet $