Accounting

6. Presented below is information on the Jones Department Stores, Inc. pension plan for 2021: Service cost 470,000 Funding contribution for 2021 380,000 Settlement rate used in actuarial computation 10% Return on plan assets 22,400 Amortization of PSC (due to benet increase) 90,000 Projected benet obligation (at beginning of period) 450,000 Fair value of plan assets (at beginning of period) 360,000 (15 points) (a) Compute the amount of pension expense to be reported for 2021. (Show computations.) (b) Prepare the journal entry to record the annual pension expense and the employer's contribution for 2021 . Account Titles