The following balances relate to the defined benefit pension plan of Spencer Industries.

Unrecognized gain or loss, 1/1/2015 ..	-0-
Projected benefit obligation, 1/1/2015	$60,000
Discount rate .......................	10%
Fair value of plan assets, 1/1/2015..	$24,000
Initial prior service cost value from amendment on 1/1/2007 ...............	$40,000
Unrecognized prior service cost, 1/1/2015 ...........................	$ 8,000
Average remaining service life of employees covered under initial prior service cost grant ..................	10 years
Actuarial loss, 1/1/2015 ............	$12,000
Expected rate of return on plan assets	12%
Average remaining service life used to amortize unrecognized gain or loss ..	12 years
Service cost, 2015 ..................	$12,000
Service cost, 2016 ..................	$14,000
Contribution to plan assets, end of 2015 ........	$16,000
Contribution to plan assets, end of 2016 ........	$20,000
Actual return on plan assets in 2015	$ 1,800
Actual return on plan assets in 2016	$ 2,400

No benefits were paid in either 2015 or 2016.

Required:

Prepare a pension worksheet for 2015 and 2016.

Prepare the required journal entries for 2015 and 2016.

Prepare the funded status reconciliation disclosure.

4. Compute pension expense for 2015 and 2016, assuming minimum amortization is taken.The following balances relate to the defined benefit pension plan of Spencer Industries.