Problem 17-9 Determine pension expense; PBO; plan assets; net pension asset or liability; Journal entries [LO17-3, 17-4, 17-5, 17-6,17-7,17-8] U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2017 Plan assets Projected benefit obligation $550.000 428,888 U.S.M.'s actuary determined that 2018 service cost is $75,000. Both the expected and actual rate of return on plan assets are 8%. The interest (discount) rate is 5%. U.S.M. contributed $135,000 to the pension fund at the end of 2018, and retirees were paid $59.000 from plan assets. (Enter your answers in thousands (I.e., 10,000 should be entered os 10).) Required: 1 to 4. Determine the following amounts at the end of 2018. 5. Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments. Complete this question by entering your answers in the tabs below. Reg 1 to 4 Reg 5 Determine the following amounts at the end of 2018. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) December 31, 2018 64.800 1 Pension expense 2 Projected benefit obligation 3 Plan assets Reg 1 to 4 Reg 5 > Required: 1 to 4. Determine the following amounts at the end of 2018. 5. Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments. Complete this question by entering your answers in the tabs below. Reg 1 to 4 Reg 5 Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands (i.e., 10,000 should be entered as 10).) View transaction list Journal entry worksheet Record the pension expense. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal