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Exercise 20-01 The following information is available for the pension plan of Radcliffe Company for the year 2020. Actual and expected return on plan assets

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Exercise 20-01 The following information is available for the pension plan of Radcliffe Company for the year 2020. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2020 Service cost $ 15,000 40,000 90,000 10 % 8,000 500,000 60,000 Compute pension expense for the year 2020. Pension expense for 2020 $ Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. (C Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for th Account Titles and Explanation Debit Credit

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