The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. 
Required:
1) Complete the pension spreadsheet.
2) Prepare the journal entries to record pension expense and funding of plan assets for the year.
3) Prepare the journal entry/ies to record any gains or losses for the year.
Definitions:
Overstate Expenses
To overstate expenses means to report higher expenses than were actually incurred, which can lead to an understatement of net income in financial reporting.
Understate Assets
The incorrect reporting of asset values on the balance sheet, making them appear lower than their actual worth.
Total Assets
The sum of all resources owned by a company, valued in financial terms, and listed on the balance sheet.
Total Expenses
The sum of all costs and expenses incurred by a business or individual in a specific period.
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