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Exercise 20-12 (Part Level Submission) Sweet Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017. January 1, 2017 December 31, 2017 Projected benefit obligation $1,471,000 $1,497,000 Market-related and fair value of plan assets 804,000 1,136,400 Accumulated benefit obligation 1,573,000 1,691,300 Accumulated OCI (G/L)-Net gain (197.100 The service cost component of pension expense for employee services rendered in the current year amounted to $76,000 and the amortization of prior service cost was $118,300. The company's actual funding (contributions) of the plan in 2017 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,183,000 on January 1, 2017. Assume no benefits paid in 2017. (a) Your answer is correct. Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components Pension Expense Service Cost 76,000 Interest on Projected Benefit Obligation 147,100 Expected Return on Plan Assets -80,400 Amortization of Prior Service Cost 118,300 261,000 Click if you would like to Show Work for this question: Open Show Work (b) Your answer is partially correct. Try again. entered. Do not indent manually. If no entry is required, select Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. (Credit account titles are automatically indented when amount "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit 261,000 TPension Expense * Pension Asset/Liability X 306,400 Cash 252,000 X X (To record pension expense and employer's contribution) Click if you would like to show Work for this question: Open Show Work