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2. Citroen Company provides the following information about its defined benefit pension plan for the year 2021. Service cost $79,000 Contribution to the plan 92,000

2. Citroen Company provides the following information about its defined benefit pension plan for the year 2021.

Service cost

$79,000

Contribution to the plan

92,000

Prior service cost amortization

9,500

Actual and expected return on plan assets

61,000

Benefits paid

50,000

Plan assets at January 1, 2021

720,000

Projected benefit obligation on January 1, 2021

770,000

Accumulated OCI (PSC) on January 1, 2021

120,000

Interest/discount (settlement) rate

9%

a. Prepare the journal entry recording pension expense.

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