Problem 20-4 Headland Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018. 2017 2018 $1,035,780 976,000 854,000 170,800 Cr. 305,000 73,200 292,800 109,800 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 29,280 36,600 12,200 140,300 14,640 146,400 610,000 671,000 9 % 9 % Compute pension expense for 2017 and 2018. Pension expense for 2017 Pension expense for 2018 Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018 Problem 20-4 Headland Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018. 2017 2018 $1,035,780 976,000 854,000 170,800 Cr. 305,000 73,200 292,800 109,800 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 29,280 36,600 12,200 140,300 14,640 146,400 610,000 671,000 9 % 9 % Compute pension expense for 2017 and 2018. Pension expense for 2017 Pension expense for 2018 Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018