Prepare the journal entries to reflect all pension plan transactions and events at December 31 of 2017 and 2018

Projected benefit obligation, January 1 2018 2017 Plan assets (fair value and market-related value), January 1 $600,000 410,000 190,000 Cr 160,000 40,000 Pension asset/liability, January I Prior service cost, January Service cost Settlement rate $59,000 10% 10% 10% Expected rate of return Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees 10% 61,000 50,000 81,000 36,000 70,000 97,000 31,500 54,000 Increase in projected benefit obligation due to changes in 87,000 actuarial assumptions Average service life of all employees 20 years