AyayaiCompany sponsors a defined benefit plan for its100employees. On January 1, 2017, the company's actuary provided the following information.

Accumulated other comprehensive loss (PSC)$147,000Pension plan assets (fair value and market-related asset value)196,900Accumulated benefit obligation257,600Projected benefit obligation385,600

The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2017, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $51,800; the projected benefit obligation was $482,500; fair value of pension assets was $270,800; the accumulated benefit obligation amounted to $366,900. The expected return on plan assets and the discount rate on the projected benefit obligation were both10%. The actual return on plan assets is $11,500. The company's current year's contribution to the pension plan amounted to $62,400. No benefits were paid during the year.

Prepare the journal entry to record the pension expense and the company's funding of the pension plan in 2017.