The following information is available for the pension plan of Radcliffe Company for the year 2017. Actual and expected rate of return on plan assets $ 15,000 Benefits paid to retirees 40,000 Contributions (funding) 90,000 Interest/discount rate 10% Prior service cost amortization $ 8,000 Projected benefit obligation, January 1, 2017 500,000 Service cost 60,000 Instructions: (a) Compute pension expense for the year 2017. Computation of pension expense: (b) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. Debit Credit