Acct 202 3

3.) Kraft, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2020: Service cost $ 250,000 + Contributions to the plan 220,000 Actual return on plan assets 180,000 - Projected benefit obligation (beginning of year) 2,400,000 Fair value of plan assets (beginning of year) 1,600,000 The expected return on plan assets and the settlement rate were both 10%. Required: Calculate the amount of pension expense reported for 2020. b. Prepare the entry to record the pension expense and the contribution to the plan. Prepare the entry to record the adjustment to other comprehensive income related to the unrecognized gain or loss on plan assets. a. c