Please answer questions 16-18 using the data provided. Please write the answers as clearly as possible.

QUESTION 16 Data for Questions 16 through 18 Lightfoot Industries sponsors a defined benefit pension plan for its employees. As of January 1, 2020, the pension reported a Projected Benefit Obligation of $1,125,000 and fair value of Plan Assets of $900,000. Lightfoot also reports the following as of January 1, 2020: Dr (Cr) (225,00 Net pension asset/liability Accumulated other comprehensive income (AOCI) Prior service cost 60,000 Gains/Losses Additionally, the following information is available for 2020: Service cost A 210,000 70,000 Actual return of plan assets A A Amortization of prior service costs Benefits paid to retirees A 6,000 315,000 150,000 Contributions to the plan A Discount rate 9.0% Expected return rate 7.0% Determine pension expense for 2020. QUESTION 17 Prepare the 2020 journal entry to reflect pension activity for Lightfoot Industries. TT T Arial 3 (12pt) T-5 - E - S O 's Path: p Words:0 QUESTION 18 What is the Net Pension Asset/Liability at the end of 2020