Latoya Company provides the following selected information related to its defined benefit pension plan for 2019.

Pension asset/liability (January 1)...................................................$ 25,000 Cr.

Accumulated benefit obligation (December 31)...............................400,000

Actual return on plan assets..................................................................67,500

Contributions (funding) in 2019.............................................................50,000

Discount (interest) rate................................................................................10%

Defined benefit obligation (January 1).................................................700,000

Service cost................................................................................................80,000

Instructions

a. Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2019. Preparation of a pension worksheet is not required. Benefits paid in 2019 were $35,000.

b. Indicate the pension-related amounts that would be reported in the company's statement of comprehensive income and statement of financial position for 2019.