Question - SuperSports provides you the following pension data for the year 2016.
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Item
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Service Cost, 2016
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$248,000
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Projected Benefit Obligation, January 2016
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$340,000
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Plan assets (fair value), Januray 1, 2016
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$360,000
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Prior Service Cost - AOCI (2016 amoritization, $25,000)
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$250,000
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Net Loss - AOCI (2016 amoritization, $10,000)
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$110,000
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Actual Return on Plan Assets
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$45,000
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Interest rate and expected return on plan assets
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10%
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Contributions made to plan assets during 2016
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$175,000
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SuperSports requests you to:
1. Compute pension expense for the year 2016.
2. Record 2016 journal entry for pension expense.