Rev Corporation has a defined benefit pension plan. On December 31, 2016, they reported the following pension related data.

Rev Corporation has a defined benefit pension plan. On December 31, 2016, they reported the following pension related data.

Projected Benefit Obligation

Balance, January 1, 2016     960

Service Cost                         164

Interest Cost                          48

Gain due to actuarial assumptions    (20)

Pension benefits paid            (80)

Plan Assets

Balance, January 1, 2016       1,000

Actual Return on Plan Assets   80

(Expected Return on Plan Assets) (90)

Cash Contributions                    140

Pension benefits paid                 (80)

January 1 2016 Balances

Prior Service Cost (amortization $16 a year),   96

Net Gain (any amortization over 15 years)       160

Please prepare the journal entries to record pension funding and the payment of benefits for 2016.  Then prepare the journal entries to record any 2016 gains and losses.  Then determine the net pension asset or liability at December 31, 2016.  

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