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Tucker, Inc. on January 1, 2018 initiated a noncontributory, defined-benefit pension plan that grants benefits to its 101 employees for services rendered in years prior

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Tucker, Inc. on January 1, 2018 initiated a noncontributory, defined-benefit pension plan that grants benefits to its 101 employees for services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 101 employees who are expected to receive benefits under the plan is 1,212. An actuarial consulting firm has indicated that the present value of the projected benefit obligation on January 1, 2018 was $5,532,000. On December 31, 2018 the following information was provided concerning the pension plan's operations for its first year. Employer's contribution at end of year Service cost Projected benefit obligation Plan assets (at fair value) Expected return on plan assets Settlement rate $1,610,000 610,000 6,566,600 1,610,000 9% 8% Compute the pension expense recognized in 2018. Assume the prior service cost is amortized 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 December 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) $

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