FINANCIAL ACCOUNTING1 Lee Electronics, Inc. reported the following information related to its defined-benefit pension plan at December 31, 2017: Projected benefit obligation Pension plan assets (held by a trustee) .$400,000 $320,000 The plan was subject to the following during 2018: a) Lee's actuary determined that the service cost for the plan during 2018 was $60,000. The expected rate of return on plan assets and the actual rate of return were both 996. c) The interest (discount) rate in the marketplace was 5%. d) In 2015, an amendment to the plan resulted in prior service cost of $40,000. Each year, one-tenth of this cost is being amortized. Lee contributed $120,000 to the pension fund at the end of 2018, and retirees were paid $44,000 from plan assets during the year. e) Based on the above information, determine pension expense as of and for the year ended December 31, 2018. Prepare a formal schedule to support your answer, with sufficient detail to support your calculation of each element of expense