Splish Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2017. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022.

		For Year Ended December 31,
		2020		2021		2022
Plan assets (fair value)		$50,000		$85,000		$180,200
Accumulated benefit obligation		44,700		165,300		289,100
Projected benefit obligation		60,000		200,400		326,100
Net (gain) loss (for purposes of corridor calculation)		0		78,800		83,971
Employer’s funding contribution (made at end of year)		50,000		60,000		105,100

There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the company’s pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $85,000; and 2022, $118,000. The average remaining service life per employee is 12 years. No benefits were paid in 2020, $30,000 of benefits were paid in 2021, and $18,400 of benefits were paid in 2022 (all benefits paid at end of year).

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Calculate the amount of net periodic pension expense that the company would recognize in 2020, 2021, and 2022. (Round answers to 0 decimal places, e.g. 2,525.)

Pension expense for 2020		$
Pension expense for 2021		$
Pension expense for 2022		$

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List of Accounts

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Prepare the journal entries to record net periodic pension expense, employer’s funding contribution, and related pension amounts for the years 2020, 2021, and 2022. (Round answers to 0 decimal places, e.g. 2,525. 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, 2020
Dec. 31, 2021
Dec. 31, 2022

Answer rating: 100% (QA)

Splish Toothpaste Company Pension Expense Working 2020 2021 2022 Service CostGiven 60000 85000 118000 A Interest on Projected Benefit obligationProjec... View the full answer