Question 1

The following information is available for the pension plan of Indigo Company for the year 2017.

Actual and expected return on plan assets		$ 13,600
Benefits paid to retirees		43,400
Contributions (funding)		92,100
Interest/discount rate		10	%
Prior service cost amortization		7,600
Projected benefit obligation, January 1, 2017		481,000
Service cost		63,300

Compute pension expense for the year 2017

Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2017. (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.)