Culver Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $719,970 $874,470 721,000 824,000 Projected benefit obligation, January 1 Pension asset/liability, January 1 Prior service cost, January 1 144,200 Cr. ? 257,500 247,200 Service cost 61,800 92,700 Actual and expected return on plan assets 24,720 30,900 10,300 12,360 Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 118,450 123,600 515,000 566,500 Interest/settlement rate 10 % 10 % (a) X Your answer is incorrect. Compute pension expense for 2020 and 2021. Pension expense for 2020 $ 121500 Pension expense for 2021 $ 158581 e Textbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Dec. 31, 2021 Click you would like to Show Work for this question: Open Show Work