Analyze and evaluate pension-related costs, evaluate each of the existing accounts, and calculate the pension expense for the period on a year-by-year basis.

Calculate and set the amount of pension expense for each fiscal year.

1.The New Era Inc. holds the following pension plan information for the year 2017The current and expected rate of return on plan assets is $16,500, the beneficts paid to retirees is $45,000, The contribution (funding) is S 100,000. The interest rate is 9%, the prior service cost amortization is $9,500. The projected benefit obligation for January 1, 2017 was $475,000 and the service cost was $85,000Realize:1- Pension expense for 20172- Daily wage entry to recognize pension expense and employer contribution @ 2017

2.Joshua LLC, possesses the following pension plan information for the year 2017The current and expected rate of return on plan assets is $18,250, the beneficts paid toretirees is $46,500, The contribution (funding) is $95,000. The interest rate is 10%, the prior service cost amortization is $10,250. The projected benefit obligation for January 1, 2017 was $525,000 and the service cost was $75,000Realize:1- Pension expense for 20172- Daily wage entry to recognize pension expense and employer contribution @ 2017

3.Eaton Alams Inc. holds the following pension plan information for the year 2017The current and expected rate of return on plan assets is $21,500, the beneficts paid toretirees is $51,750, The contribution (funding) is $125,000. The interest rate is 8%, the prior service cost amortization is $11,500. The projected benefit obligation for January 1, 2017 was $570,000 and the service cost was $103,500Realize:1- Pension expense for 20172- Daily wage entry to recognize pension expense and employer contribution @ 2017

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