(1) Determine the projected benefit obligation at December 31, 20X1. Show appropriate calculations. Assume there are no net gains or losses.

(2) Determine the fair market value of plan assets at December 31, 20X1. Show appropriate calculations.

(3) Calculate the pension expense that should be reported for the year ending December 31, 20X1. Show appropriate calculations.

(4) Prepare the journal entry to record the pension expense and the contributions made to the plan for 20X1. Omit explanations.

On January 1, 20X1, Hontoon Company had the following balances. HONTOON COMPANY BALANCES FOR PENSION RELATED ACCOUNTS AT JANUARY 1, 20X1 Projected Benefit Obligation Fair Market Value of Plan Assets 3,200,000 3,200,000 Other data related to the pension plan for 20X1 is provided below HONTOON COMPANY DATA FOR COMPANY PENSION PLAN FOR YEAR ENDING DECEMBER 31, 20X1 Service Costs Unrecognized Prior Service Cost Contributions To Retirement Plan Benefits Paid Actual Return on Plan Assets Settlement Rate Expected Rate of Return 140,000 0 204,000 200,000 192,000 9.0% 6.0%