Check my work U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020 plan assets Projected benefit obligation $300,000 240,000 USM's actuary determined that 2021 service cost is $68.000 Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5% U.S.M. contributed $128,000 to the pension fund at the end of 2021, and retirees were paid $52,000 from plan assets. (Enter your answers in thousands li... 10,000 should be entered as 10.) Required: 1. What is the pension expense at the end of 2021? 2. What is the projected benefit obligation at the end of 2021? 3. What is the plan assets balance at the end of 2021? 4. What is the net pension asset or net pension liability at the end of 20217 5. Prepare Journal entries to record the (a) pension expense. (b) funding of plan assets, and (cretiree benefit payments Complete this question by entering your answers in the tabs below. Feg 1164 Regs Check my work Complete this question by entering your answers in the tabs below. Reg 1 to 4 Reg 5 1. What is the pension expense at the end of 2021? 2. What is the projected benefit obligation at the end of 20217 3. What is the plan assets balance at the end of 2021? 4. What is the net pension asset or net pension liability at the end of 2021? (Enter your answers in thousands (I.e., 10,000 should be entered as 10). Show less December 31, 2021 1 Pension expense 2 Projected benefit obligation 3 Plan assets 4 Req5 > Journal entry worksheet A B Record the pension expense. Note: Enter debits before credits General Journal Debit Credit Transaction A