Assume the following pension data for year 2019:

Service cost $105,000

Contribution $90,000

Actual return $70,000

Benefits $40,000

Plan assets 1/1/19 $700,000

PBO 1/1/19 $810,000

Interest rate 10%

1. Compute pension expense, PBO 12/31/19 and PA 12/31/19.

Show computations (I recommend a worksheet).

Prepare separate journal entries for

2. Pension expense
3. Cash contribution
4. Benefits paid