Blum Foods Company obtained the following information from the insurance company that administers the companys employee defined

Blum Foods Company obtained the following information from the insurance company that administers the company’s employee defined benefit pension plan.

Prior to 2010, cumulative pension expense was equal to cumulative contributions.

Instructions
(a) Prepare the journal entries to record pension expense and the employer’s funding contribution for the years 2010, 2011, and 2012. (Preparation of a pension worksheet is not a requirement of this exercise; insufficient information is given to prepare one.)
(b) Indicate the pension-related amounts that would be reported on the company’s income statement and statement of financial position for 2010, 2011, and2012.

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Plan assets (at fair value) Defined benefit obligation Pension expense Employer's funding contribution 2010 393,000 378,000 95,000 110,000 For Year Ended December 31, 2011 582,300 545,300 128,000 150,000 2012 765,530 797,530 130,000 125,000