E$19\mathrm{.}1($LO $1,2)$Excel $($Pension Expense, Journal Entries$)$ The following information is availablefor the pension plan of Radcliffe Company for the year $2025.$Actual and expected return on plan assetsBenefits paid to retireesContributions $($funding$)$Interest$/$discount ratePrior service cost amortizationProjected benefit obligation, January $1,2025$Service cost$ $15,00040,00090,00010\%8,000500,00060,000$Instructionsa. Compute pension expense for the year $2025.$b$.$ Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in $2025.$