Answer Happy

Pronghorn Company provides the following selected information related to its defined benefit pension plan for 2020, $25.500 CF 403,100 9,000 148,600 Pension asset/liability Manuary 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost 795,800 10 % 702,800 79,580 (a) Compute pension expense. Pension expense for 2020 $ Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $39.100. (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 for the amounts.) Account Titles and Explanation Debit Credit