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At the end of the current year, Eastern Electric received the following information from its actuarial firm: Pension expense $ 2,000,000 Postretirement benefits expense 700,000

At the end of the current year, Eastern Electric received the following information from its actuarial firm:

Pension expense $ 2,000,000
Postretirement benefits expense 700,000

The pension plan is fully funded. Eastern Electric has funded only 40% of the nonpension postretirement benefits this year.

a-b.

Record pension expense and nonpension postretirement benefit expenses for the entire year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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