Cullumber, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021: January 1, December 31, 2021 2021 Projected benefit obligation $2,530,000 $2,880,000 Fair value of plan assets 1,280,000 1,630,000 Accumulated benefit obligation 1,933,000 2,623,000 Accumulated OCI-(PSC) 543,000 301,500 The service cost component for 2021 is $141,500 and the amortization of prior service cost is $241,500. The company's actual funding of the plan in 2021 amounted to $503,000. The expected return on plan assets and the settlement rate were both 8%. Determine the pension expense to be reported in 2021. Pension expense 483000 SHOW LIST OF ACCOUNTS Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Pension Expense 483000 Pension Asset/Liability Cash Other Comprehensive I 241500