Problem 20-5 Bonita Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2017. The insurance company which administers the pension plan provided the following selected information for the years 2017, 2018, and 2019. For Year Ended December 31, Plan assets (fair value) Accumulated benefit obligation Projected benefit obligation Net (gain) loss (for purposes of corridor calculation) Employer's funding contribution (made at end of year) 2017 $50,000 44,700 60,000 0 50,000 2018 $85,300 163,700 200,900 78,700 60,000 2019 $180,530 294,900 322,200 79,144 105,100 There were no balances as of January 1, 2017, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the company's pension obligation was 13% in 2017, 11% in 2018, and 8% in 2019. The service cost component of net periodic pension expense amounted to the following: 2017, $60,000; 2018, 585,300; and 2019, $118,300. The average remaining service life per employee is 12 years. No benefits were paid in 2017, $29,700 of benefits were paid in 2018, and $18,400 of benefits were paid in 2019 (all benefits paid at end of year). Your answer is correct. Calculate the amount of net periodic pension expense that the company would recognize in 2017, 2018, and 2019. (Round answers to O decimal places, e.g. 2,525.) Pension expense for 2017 60000 Pension expense for 2018 86900 Pension expense for 2019 130726 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Prepare the journal entries to record net periodic pension expense, employer's funding contribution, and related pension amounts for the years 2017, 2018, and 2019. (Round answers to decimal places, e.g. 2,525. 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.) Debit Credit Date Account Titles and Explanation Dec. 31, 2017 TPension Expense 60000 Cash 50000 Pension Asset/Liability 10000 Dec. 31, 2018 TPension Expense 86900 78700 Other Comprehensive Income (G/L) 1 Cash 0000 Pension Asset/Liability 105600 Dec. 31, 2019 Pension Expense Other Comprehensive Income (G/L) Kla | Cash 105,100 Pension Asset/Liability Click if you would like to Show Work for this question: Open Show Work