rt of Accounts X Instructions Calculations Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to 2016 2017 Compute the amount of Baron's pension expense for 2016 and 2017. Service cost $160,000 $172,000 2016 2017 Projected benefit obligation (1/1) 120,000 289,600 Pension expense $ $ Plan assets (1/1) 120,000 294,600 Company contribution (funded 12/31) 165,000 175,000 Discount rate 8% 8% Expected long-term (and actual) rate of return on plan assets 8% 8% There are no other components of Baron's pension expense. Required: 1. Compute the amount of Baron's pension expense for 2016 and 2017. 2. Prepare the journal entries to record the pension expense for 2016 and 2017. PAGE 2016 PAGE 2017 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 1 Dec. 31 Accrued/Prepaid Pension Cost 2 Pension Expense 3