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On January 1, 2010, the Smith Company adopted a defined benefit pension plan. At that time, the company awarded retroactive benefits to its employees, resulting in a prior service cost that created a projected benefit obligation of $1,250,000 on that date (which it did not fund). The company decided to amortize the prior service cost by the straight line method over the 20 year average remaining service life of its active participating employees. The company's actuary has also provided the following additional information for 2010 and 2011: (1) service cost: 2010, $147,000; 2011, $153,000; (2) expected (and actual) return on plan assets: 2011, $33,000; and (3) projected benefit obligation: 1/1/2011, $1,522,000. The discount rate was 10% in both 2010 and 2011. The company contributed $330,000 and $350,000 to the pension fund at the end of 2010 and 2011, respectively. There are no other components of Smith Company's pension expense.
Required:1. Compute the amount of Smith Company's pension expense for 2010 and 2011.2. Prepare all the journal entries related to Smith Company's pension plan for 2010 and 2011.
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