Determine the projected benefit obligation at December 31, 2021. There are no net gains or losses.

Determine the fair value of plan assets at December 31, 2021.

Calculate pension expense for 2021.

Prepare the journal entry to record pension expense and the contributions for 2021

On January 1, 2021, Blossom Co. had the following balances: Projected benefit obligation $7,520,000 Fair value of plan assets 7,520,000 Other data related to the pension plan for 2021: Service cost 327,000 Contributions to the plan 471,000 462,000 Benefits paid Actual return on plan assets 480,000 Settlement rate 9% Expected rate of return 6%