Accounting for Pension Benefits Bartov Corporation has a defined contribution pension plan for its employees. Each year, Bartov contributes to the plan an amount equal to 4% of the employee payroll for the year. Bartov's 2019 payroll was $800,000. Bartov also provides a life insurance benefit that pays a $100,000 death benefit to the beneficiaries of retired employees. At the end of 2019, Bartov estimates that its liability under the life insurance program is $1,250,000. Bartov has assets with fair value of $350,000 in a trust fund that are available to meet the death benefit payments. a. Prepare the journal entry at December 31, 2019, to record Bartov's 2019 defined contribution to a pension trustee who will manage the pension funds for the firm's employees. Description Debit Credit Pension expense 16,000 X 0 Cash 0 16,000 X b. What amount of liability for death benefit payments must Bartov report in its December 31, 2019, balance sheet? $ 450,000 X