2. Portlandia, Inc. has a defined benefit pension plan for its employees which is underfunded at 1/1/19 by $200,000 (PBO was $520,000 and plan assets were $420,000). There was also Prior Service Cost at 1/1/19 of $160,000. During 2019 the following occurred: Current service cost Settlement rate & expected ROA Actual ROA Amortization of PSC Contributions Benefits paid Increase in PBO due to change in actuarial assumptions Average service life of all employees $50,000 8% $38,000 70,000 120,000 80,000 90,000 20 years During 2020 the following occurred: Current service cost Settlement rate & expected ROA Actual ROA Amortization of PSC Contributions Benefits paid Average service life of all employees $60,000 8% $50,000 50,000 120,000 85,000 20 years Prepare pension worksheets for both 2019 and 2020 along with all appropriate journal entries. What amounts would be included in the primary financial statements relating to pension expense and obligations for 2020 and as of 12/31/2020. 2. Portlandia, Inc. has a defined benefit pension plan for its employees which is underfunded at 1/1/19 by $200,000 (PBO was $520,000 and plan assets were $420,000). There was also Prior Service Cost at 1/1/19 of $160,000. During 2019 the following occurred: Current service cost Settlement rate & expected ROA Actual ROA Amortization of PSC Contributions Benefits paid Increase in PBO due to change in actuarial assumptions Average service life of all employees $50,000 8% $38,000 70,000 120,000 80,000 90,000 20 years During 2020 the following occurred: Current service cost Settlement rate & expected ROA Actual ROA Amortization of PSC Contributions Benefits paid Average service life of all employees $60,000 8% $50,000 50,000 120,000 85,000 20 years Prepare pension worksheets for both 2019 and 2020 along with all appropriate journal entries. What amounts would be included in the primary financial statements relating to pension expense and obligations for 2020 and as of 12/31/2020