Exercise 20-11 (Part Level Submission) Larkspur Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2020 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2020 amounted to $55,500. 2. The company's funding policy requires a contribution to the pension trustee amounting to $137,228 for 2020. 3. As of January 1, 2020, the company had a projected benefit obligation of s899,100, an accumulated benefit obligation of $797,300, and a debit balance of 5398,900 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $597,300 at the beginning of the year. The actual and expected retum on plan assets was $54,000. The settlement rate was 8%. No gains or losses occurred in 2020 and no benefits were pald. 4. Amortization of prior service cost was $50,500 in 2020. Amortization of net gain or loss was not required in 2020. Your answer is correct. Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense T Service Cost 55,800 Interest on Projected Benefit Obligation 71,928 Expected Return on Plan Assets (54000) Amortization of Prior Service Cost 505001 I Pension Expense 124,228 Prepare the journal entry or entries to record pension expense and the employer's contribution to the pension trustee in 2020. (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 0 for the amounts.) Account Titles and Explanation Debit Credit Pension Expense 124228 Pension Asset/Liability 63500 Cash 137228 Other Comprehensive I 50500 Larkspur Company Income Statement (Partial) Larkspur Company Comprehensive Income Statement $XXXX $XXXX Larkspur Company Balance Sheet (Partial) $ $ Dividends ny Sta Expenses Net Income / (Loss) Retained Earnings - January 1, 2017 Retained Earnings December 31, 2017 Revenues Total Expenses pui Sh Total Revenues pn Current Assets en' Intangible Assets Long-term Investments Liabilities m Property, plant and Equipment pm Stockholders' Equity Total Assets Total Current Assets Total Intangible Assets Total Long-term Investments Total Property, plant and Equipment an Total Stockholders' Equity