P20-4 (L01,2,3,4) Pension Expense, Journal Entries for 2 Years Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018 2017 2018 699,000 849,000 Plan assets (fair value). December 31 Projected benefit obligation, January 1 800,000 700,000 140,000 cr Pension asset/liability, January 1 Prior service cost. January 1 240,000 250,000 90,000 Service cost 60,000 24,000 30,000 Actual and expected return on plan assets 10,000 12,000 Amortization of prior service cost Contributions (funding 120,000 115,000 500,000 550,000 Accumulated benefit obligation, December 31 9% 9% Interest/settlement rate Instructions: a) Compute pension expense for 2017 and 2018