P20-4B (L01,2,3,4) (Pension Expense, Journal Entries for 2 Years) Biker Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018. 2018 $462,000 500,000 Plan assets (fair value), December 31 Projected benefit obligation, January 1 Pension asset/liability, January 1 Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 Interest/ settlement rate 2017 $396,000 400,000 60,000 Cr. 300,000 30,000 26,000 40,000 30,000 320,000 6% 260,000 42,000 32,000 46,000 34,000 380,000 6% Instructions (a) Compute pension expense for 2017 and 2018. (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years