Problem 20-5 Teal 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, 2017 2018 2019 Plan assets (fair value) $50,000 $84,700 $179,270 Accumulated benefit obligation 45,500 165,000 294,300 Projected benefit obligation 60,000 199,600 322,900 Net (gain) loss (for purposes of corridor calculation) 0 78,600 81,445 Employers funding contribution (made at end of year) 50,000 60,000 104,800 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 companys 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, $84,700; and 2019, $118,300. The average remaining service life per employee is 12 years. No benefits were paid in 2017, $30,300 of benefits were paid in 2018, and $18,700 of benefits were paid in 2019 (all benefits paid at end of year). Calculate the amount of net periodic pension expense that the company would recognize in 2017, 2018, and 2019. (Round answers to 0 decimal places, e.g. 2,525.) Pension expense for 2017 $ Pension expense for 2018 $ Pension expense for 2019 $ Prepare the journal entries to record net periodic pension expense, employers funding contribution, and related pension amounts for the years 2017, 2018, and 2019. (Round answers to 0 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019