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Problem 20-4 Cheyenne Company sponsors a defined benefit pension plan. The following information related to...

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Accounting

Problem 20-4 Cheyenne Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018. 2017 2018 Plan assets (fair value), December 31 $705,990 $857,490 Projected benefit obligation, January 1 707,000 808,000 Pension asset/liability, January 1 141,400 Cr. ? Prior service cost, January 1 252,500 242,400 Service cost 60,600 90,900 Actual and expected return on plan assets 24,240 30,300 Amortization of prior service cost 10,100 12,120 Contributions (funding) 116,150 121,200 Accumulated benefit obligation, December 31 505,000 555,500 Interest/settlement rate 9 % 9 % Compute pension expense for 2017 and 2018. Pension expense for 2017 $ Pension expense for 2018 $ Prepare the journal entries to record the pension expense and the companys funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018

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