Blossom Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost $22,500 Cr. 398,600 9,600 149,600 795,600 10 % 702,900 79,560 Compute pension expense. Pension expense for 2020 $ Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $44,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Pension Expense Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $44,000. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Account Titles and Explanation Pension Expense Debit Credit Pension Asset/Liability Cash e Textbook and Media List of Accounts Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Blossom Company Income Statement (Partial) Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Blossom Company Income Statement (Partial) Blossom Company Balance Sheet (Partial)