(26 points) Presented below is information related to the pension plan for Colette Inc. for the year 2021. 1. The projected benefit obligation at the beginning of the year is $700,000, and the settlement rate is 6%. 2. The fair value of pension plan assets at the beginning of the year is $650,000, and the expected return is 9%. The actual return on pension plan assets equals $48,000. 3. At the beginning of the year, Colette has Accumulated OCI (loss) of $90,000. Any amortization of unrecognized net loss is recognized on a straight-line basis over the average remaining service-life of the employees, which equals 8 years. 4. At the beginning of the year, Colette has Accumulated OCI (prior service cost) of $128,000. The company amortizes the prior service cost on a straight-line basis over the average remaining service-life of the employees, which equals 8 years. 5. The service cost related to pension expense is $180,000. 6. The contributions made to the pension fund in 2021 were $151,000. 7. The benefits paid out to retirees in 2021 were $79,000. Instructions (a) Determine the pension expense to be reported on the income statement for 2021. (b) Prepare the journal entry to record pension expense for 2021