Employer journal entry for Defined Benefit Pension

The city of Stewart has a single-employer defined benefit pension plan to provide retiree pension benefits to its Electric Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. The city of Stewart contributed $4,000,000 cash to the pension plan during the fiscal year ending December 31, 2022. Assume that the actuary for the city of Stewarts Electric Utility Enterprise Fund measures its net pension liability on December 31, 2022, which is its fiscal year-end. The actuary provides the following additional information in its reporting package to the city of Stewarts accounting department for its use in preparing the Electric Utility Enterprise Funds December 31, 2022 financial statements.

Actuarial Provided Account Information
	Fiscal Year Ending	Fiscal Year Ending
	December 31, 2021	December 31, 2022
Net pension liability	$15,250,000	$15,500,000
Deferred inflow of resourcesinvestment gain	450,000	225,000
Deferred inflow of resourcesdemographic factors	525,000	450,000
Deferred outflow of resourceseconomic factors	1,000,000	875,000

Prepare the journal entry to record the pension related activity, including the pension expense, for the city of Stewarts Electric Utility Enterprise Fund for its 2022 fiscal year. Enter the accounts in order of magnitude (largest to smallest balances), debits first.

	Account	Debit	Credit
			Answer
			Answer
			Answer
			Answer
			Answer
			Answer
	To record pension related activity for 2022.

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