Tucker, Inc. on January 1, 2018 initiated a noncontributory, defined benefit pension plan that grants benefits to its 90 employees far services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 90 cmployees who are expected to receive benefits under the plan is 1,080. An actuarial consulung firm has indicated that the present value of the projected benefit obligation on January 1, 2018 was $5,400,000. On December 31, 2018 the following information was provided concerning the pension plan's operations for its first year. Employer's contribution at and of year $1,500,000 Service cast 500,000 Projected benefit obligation 6,511,600 Plan assets (at fair value) 1,500,000 Expected return on plan assets Settlernent rate 9% Compute the pension expense recognized in 2016. Assume the prior service cost is arnartized over the average remaining service life of the employees. Pension expenses Prepare the journal entries to reflect accounting for the company's pension plan for the year ended Decernber 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Indicate the amounts that are reported on the income statement and the balance sheet for 2018. Tucker, Inc. Income Statement (Partial) Tucker, Inc. Balance Sheet (Partial) Tucker, Inc. on January 1, 2018 initiated a noncontributory, defined benefit pension plan that grants benefits to its 90 employees far services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 90 cmployees who are expected to receive benefits under the plan is 1,080. An actuarial consulung firm has indicated that the present value of the projected benefit obligation on January 1, 2018 was $5,400,000. On December 31, 2018 the following information was provided concerning the pension plan's operations for its first year. Employer's contribution at and of year $1,500,000 Service cast 500,000 Projected benefit obligation 6,511,600 Plan assets (at fair value) 1,500,000 Expected return on plan assets Settlernent rate 9% Compute the pension expense recognized in 2016. Assume the prior service cost is arnartized over the average remaining service life of the employees. Pension expenses Prepare the journal entries to reflect accounting for the company's pension plan for the year ended Decernber 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Indicate the amounts that are reported on the income statement and the balance sheet for 2018. Tucker, Inc. Income Statement (Partial) Tucker, Inc. Balance Sheet (Partial)