Exercise 20-12 Whispering Company received the following selected information from its pension plan trustee concerning the operation of the companys defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,475,000 $1,500,000 Market-related and fair value of plan assets 800,000 1,133,000 Accumulated benefit obligation 1,570,000 1,691,300 Accumulated OCI (G/L)Net gain 0 (197,500 ) The service cost component of pension expense for employee services rendered in the current year amounted to $75,000 and the amortization of prior service cost was $121,300. The companys actual funding (contributions) of the plan in 2020 amounted to $253,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,213,000 on January 1, 2020. Assume no benefits paid in 2020. 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 Service Cost $ 75000 Interest on Projected Benefit Obligation 147500 Expected Return on Plan Assets (80000) Amortization of Prior Service Cost 121300 263800 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the journal entry to record pension expense and the employers contribution to the pension plan 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 263800 Pension Asset/Liability 308000 Cash 253000 Other Comprehensive Income (PSC) 121300 Other Comprehensive Income (G/L) 197500 (To record pension expense and employers contribution) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Whispering Company for the year 2020. Whispering Company Income Statement (Partial) For the Year Ended December 31, 2020 Net Income / (Loss) Amortization of PSC $ $ Whispering Company Comprehensive Income Statement For the Year Ended December 31, 2020 Net Income / (Loss) $XXXX Other Comprehensive Income (Loss) $ $XXXX Whispering Company Balance Sheet (Partial) $ $ Click if you would like to Show Work for this question: Open Show Work