United Rental Company reported the following information related to its pension plan for the years 2013-2016. The fund is administered by a separate outside trustee.

Instructions:
1. Prepare the required summary journal entries for each year to record pension expense and the pension contribution. Throughout this example, assume that the actual return on the pension fund is equal to the expected return in each year, that there is no existing balance in deferred gain or loss related to the pension, and that there is no prior service cost.
2. Assuming that United had pension-related liability of $41,000 at January 1, 2013, compute the pension-related asset/liability balance at December 31, 2016.
3. Assuming that the fair value of the pension fund at January 1, 2013, was $3,200,000, compute the fair value of the pension fund at December 31, 2016.

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Benefit Pension Expense Payments to Retirees Actual Return on the Pension Fund Year Contribution 2013 2014 2015 2016 810,100 695,700 790,000 $675,000 700,000 725,000 680,000 350,000 300,000 375,000 $320,000 350,000 410,000 505.000