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Pearl Company provides the following selected information related to its defined benefit pension plan for 2017. Pension asset/liability (January 1) $26,800 Cr. Accumulated benefit obligation

Pearl Company provides the following selected information related to its defined benefit pension plan for 2017.

Pension asset/liability (January 1) $26,800 Cr.
Accumulated benefit obligation (December 31) 400,000
Actual and expected return on plan assets 10,200
Contributions (funding) in 2017 150,700
Fair value of plan assets (December 31) 792,200
Settlement rate 10 %
Projected benefit obligation (January 1) 694,400
Service cost

79,220

a. Compute Pension Expense for 2017: $ _____________

b. Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2017. Preparation of a pension worksheet is not required. Benefits paid in 2017 were $36,300. (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.)

account title and explanation debit credit

c. Indicate the pension-related amounts that would be reported in the companys income statement and balance sheet for 2017.

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